NZD/USD last trades at $0.6523, a mere 4.......>

KIWI: NZD/USD last trades at $0.6523, a mere 4 pips higher on the day. The kiwi

started on the front foot, as AUD post-federal election strength spilled over

into NZD, but ebbed off of best levels alongside its Antipodean cousin.

- NZ services PMI decelerated to 51.8 from the revised 52.3 in April. 

- Elsewhere, NZ Bankers' Association called the RBNZ to rethink its proposal to

raise capital requirements.

- NZD/USD eased 17 pips Friday, weighed on by continuing Sino-U.S. trade

concerns. As a reminder, Friday's Asia-Pac hours saw suggestions from Chinese

state media that the country may have lost appetite for further trade

negotiations with the U.S.

- Below $0.6513-14, which hosts the Nov 2018 low & Friday's YTD low, would

expose the lower 1.0% 10-DMA envelope at $0.6499. A death cross formation would

further support the bearish case, with the 50-DMA currently at $0.6717, just a

pip above the 200-DMA. Bulls look for a breach of Friday's high of $0.6547.

- NZ highlights this week include retail sales and trade balance, due Wednesday

and Friday respectively. Tuesday's GDT auction will also provide some interest.