NZD/USD holds steady at $0.6322. New...........>

KIWI: NZD/USD holds steady at $0.6322. New Zealand's trade balance will be

released shortly, before focus turns to the RBNZ monetary policy decision.

- The rate added 32 pips Tuesday amid a broad-based USD sell-off driven by a

combination of local factors. A poor U.S. consumer confidence reading,

anticipated launch of impeachment inquiry of the POTUS and Trump's combative

rhetoric against tech giants all worked against the greenback. Pre-RBNZ

positioning may have played a role in driving the move in NZD/USD as well.

Upside momentum faltered around $0.6330 and the pair finished just shy of there.

- See http://tiny.cc/RBNZ for our comprehensive preview of the RBNZ decision.

- From the technical perspective, the 38.2% retracement of the Sep 12-20 slide

at $0.6330 remains the initial bullish target. The rate peaked just above on

both Sep 19 ($0.6333) and yesterday ($0.6332). A clean break above would open

the 21-DMA at $0.6350. Conversely, a fall below the $0.6300 barrier would return

focus to the recent cycle low of $0.6255.

- Looking ahead, ANZ will publish their cons. conf. survey on Friday.