NZD/USD last a touch worse off at $0.6700......>

KIWI: NZD/USD last a touch worse off at $0.6700. It has ticked lower as Westpac

informed that they now look for two more quarter-point cuts from the RBNZ in Aug

and Nov, which would bring the OCR to 1%, "with a risk it could go lower."

- The pair charted a Doji candlestick on Wednesday as intraday fluctuations

brought it back to neutral levels eventually. A degree of kiwi weakness was seen

initially amid a spill-over from AUD weakness stemming from a confluence of

factors highlighted in earlier bullets. NZD/USD failed to convincingly break

under its 21-DMA and rebounded in European hours as USD strength faltered. A

disappointing Markit m'fing PMI print out of the U.S. elevated the rate to its

intraday peak of $0.6723, before it faded into the close.

- Wednesday's release of NZ trade data, with a wider than exp. surplus

underpinned by softer imports and exports, provoked little to no reaction.

- A clean breach of $0.6700 opens the aforementioned 21-DMA at $0.6694, ahead of

the 100-DMA located a further 20 pips below. Bulls look to $0.6720, which capped

gains on Jul 3 & 4, with the 200-DMA intersecting nearby, at $0.6725.

- No more NZ data releases or RBNZ speeches are expected this week.