NZD/USD sank through the $0.6400 mark..........>

KIWI: NZD/USD sank through the $0.6400 mark Tuesday but failed to test its

three-month low of $0.6378, printed on Feb 11. The kiwi softened in sync with

other commodity-tied currencies, as Apple's revenue warning revived concerns

over the economic fallout from the Covid-19 epidemic.

- Tuesday's GDT event saw headline price index fall 2.9%, with whole milk powder

prices retreating 2.6%. 

- RBNZ Gov Orr testified to lawmakers this morning. He said that "on monetary

policy, we are in a good position." He added that the central bank will publish

its work on alternative MonPol options in the coming weeks, even if it doesn't

expect to use them.

- NZD/USD changes hands at $0.6392, 6 pips higher on the day but still just

above its worst levels in months. A fall below $0.6378, the trough of Feb 11,

would clear the way to the Nov 8 low of $0.6322. Bulls look for a rebound

through the Feb 17 high of $0.6450 before turning the focus to the 23.6%

retracement of the Dec 3 - Feb 11 slide at $0.6467.

- New Zealand's Q4 PPI data comes out on Thursday.