NZD/USD last trades at $0.6655, 16 pips........>

KIWI: NZD/USD last trades at $0.6655, 16 pips higher on the day, after the

latest monetary policy from the RBNZ eventually put a bid into the kiwi, with

the OCR left unchanged for now.

- That being said, the rate's initial reaction to the decision was a nosedive,

which allowed to probe the water below $0.6600, as the RBNZ noted that "a lower

OCR may be needed over time" given downside risks, while minutes revealed that

members discussed possible merits of a rate cut. However, NZD/USD bounced due to

the lack of a firm commitment to a rate cut at the next (August) meeting.

- Gains were capped by the subsequent front-loading of the RBNZ easing forecast

by the ANZ, while technical resistance was provided by Tuesday's peak & the

38.2% fibo retracement of the slide from $0.6939 to the YtD low.

- Bullish focus remains on the aforementioned figures, ahead of the Jun 7 high

of $0.6682. Bears look for a pullback through the uptrend support at $0.6617.

- RBNZ Dep Gov Bascand's speech was devoted to fin stability matters. Bascand

stressed that the RBNZ will intensify its scrutiny of financial institutions.

- ANZ biz. and cons. conf surveys are due on Thursday and Friday respectively.