NZD/USD picked up a modest bid as NZ...........>

KIWI: NZD/USD picked up a modest bid as NZ Treasury released its Half Year

Economic and Fiscal Update and Budget Policy Statement. The gov't announced

NZ$12bn worth of extra spending (mostly on infrastructure), which entailed cuts

to budget surplus forecasts with the 2019/20 figure turning into deficit.

- The local card spending data, released earlier today, topped expectations.

- As a reminder, last week NZ FinMin Robertson pledged to take advantage of

lower borrowing costs and "significantly boost" fiscal spending.

- NZD/USD last seen at $0.6550, marginally higher. Bulls look for a push above

the Dec 6 high of $0.6576, which would open up $0.6587, where the rate peaked on

Aug 6. A dip under the 200-DMA at $0.6538 would expose the $0.6500 mark.

- Better than exp. Chinese inflation data boosted NZD/USD in y'day's Asia

session before it sold off in EU hours amid uncertainty re: U.S.-China trade

matters. Recovery inspired by DJ/BBG headlines re: potential delay of the Dec 15

tariff deadline proved shallow as WH advisor Kudlow downplayed the reports.

- Thursday's food price index and Friday's BusinessNZ m'fing PMI provide the

remaining NZ highlights this week.