NZD/USD revisited the YtD lows overnight.......>

KIWI: NZD/USD revisited the YtD lows overnight after a 7-Year low in the NZIER

Business Confidence metric added additional weight alongside the broader USD

strength, continuing the recent trend of softening business confidence since the

new government assumed power. NZIER noted that "weak business confidence and

deteriorating profitability is making businesses more cautious about planning

for the future. Although hiring is holding up across most sectors, investment

intentions have declined. This is particularly the case for investment in new

buildings, with a net 4 percent intending to reduce this type of investment.

This is flowing through to a softening in the pipeline of construction work,

with architects expecting a decline in commercial and government construction

work over the coming year."

- AUD/NZD flows have also hampered the NZD.

- NZD/USD last deals at ~$0.6700. Initial support is noted at $0.6687 (2018 Low

July 2) with resistance noted at $0.6734 (Low June 29).

- The latest GDT dairy auction & QV house price data will hit overnight i.e. in

EU/US hours on Tuesday.