NZD/USD last at $0.6583, oscillating within....>

KIWI: NZD/USD last at $0.6583, oscillating within a ~10 pip range. The rate is

threatening to break above its 50-DMA, which comes in today at $0.6595. Above

here would bring into view $0.6657, which represents the 38.2% retracement of

the slide from $0.6939 to the YtD low. Bears need to clear the 21-DMA at $0.6565

to gain some momentum before challenging the May 27 & 28 lows at $0.6540.

- The rate advanced almost 50 pips yesterday, as the greenback was offered after

the Fed said they may cut interest rates if outlook worsens. Furthermore, the

rate received a boost from a stronger than exp. NZ Q1 Y/Y GDP and an upward

revision to the prior reading released in yesterday's Asia-Pac session. Worth

noting, however, that the growth rate remained at a 5-year low.

- Yesterday's GDP print came ahead of the RBNZ MonPol decision, due next week,

with markets currently pricing in a ~20% of a cut to the OCR.

- Also next week, expect NZ credit card spending figures on Monday, trade data

onTuesday and ANZ biz. confidence survey on Thursday.

- Elsewhere, NZ FinMin Robertson announced that that Susan Paterson will replace

retiring Keith Taylor as RBNZ board member.