NZD/USD range-bound so far, last deals.........>

KIWI: NZD/USD range-bound so far, last deals barely changed at $0.6350.

- After a period of sideways trade in yesterday's Asia-Pac session, the kiwi

took flight in the London morning amid a broader USD sell-off & as China's

MOFCOM said that Beijing is working with the U.S. to remove all tariffs and end

the bilateral trade spat. Underwhelming economic data out of the U.S. helped

sustain the upside move in NZD/USD, but the rally ran out of fuel at $0.6355,

just shy of the 61.8% retracement of the Sep 12 - Oct 1 slide at $0.6357.

- This leaves the latter technical level in topside focus. Following two recent

failures to take out the level on Oct 11 & 17, a break above would certainly

reassure bulls, encouraging them to target the 76.4% retracement of that Sep -

Oct slide at $0.6393. Bears look for a retreat below $0.6328/27, the mid-point

of the aforementioned decline/Sep 26 & Oct 8 highs.

- In the local news, an econ consultancy Infometrics said they exp. NZ gov't to

announce new spending initiatives in Dec after calls for more fiscal stimulus.

- Worth watching China's Q3 GDP/Sep economic indicators today. NZ trade balance

headlines the local docket next week, comes out on Wednesday.