NZD/USD is back to unch. levels after the......>

KIWI: NZD/USD is back to unch. levels after the choppy Asia-Pac session, driven

by a combination of broader-picture themes & local events. Early trade saw it

hit by a double whammy of U.S. Tsy designating China as an FX manipulator & ANZ

adding one more 25bps OCR cut in Nov on top of their existing call for the RBNZ

to trim the OCR by 25bps twice, tomorrow and in Feb. NZD/USD then shot higher

upon the publication of a stellar NZ jobs report, which saw unemployment decline

to 3.9% from 4.2% vs. exp. of 4.3%; green shoots also noted in employment & wage

figures. NZD/USD eased off highs thereafter. Some pointed to AUD/NZD buying,

perhaps linked to short covering. The PBoC action to mitigate yuan weakness gave

NZD/USD a brief reprieve, but the slide was promptly resumed, with a knee-jerk

lower noted as the RBNZ's 2-year infl. exp. fell to +1.86% Y/Y from +2.01%.

- NZD/USD trades flat at $0.6527. Bears eye $0.6500, below opens the YtD low of

$0.6482/trendline support at $0.6466. Bulls target May 27 & 28 highs of $0.6559.

- Worth watching the bi-weekly GDT auction scheduled for London hours today.

Tomorrow all eyes will be on the RBNZ's MonPol decision; Gov Orr is set to hold

a presser before appearing before lawmakers the day after.