NZD/USD sits at $0.6409, almost unchanged on...>

KIWI: NZD/USD sits at $0.6409, almost unchanged on the day. Local trade data was

out earlier today, revealed a narrower than expected trade deficit, underpinned

by a larger than forecast exports figure. NZD showed little reaction.

- This comes after the rate round tripped from $0.6436 yesterday, managing to

remain on the $0.6400 handle. The initial move higher was driven by the

improving risk sentiment and an upward revision to Fonterra's milk price

forecast, which played out against the backdrop of a favourable technical

picture. However, the rate slipped in Europe as spiralling Brexit uncertainty

inspired fresh demand for the greenback.

- RBNZ Asst Gov Hawkesby told MNI that he is "very happy" with the way in which

OCR cuts are feeding through into the economy.

- We have outlined the broader technical picture for NZD/USD elsewhere. Bulls

remain in charge, with a key resistance coming up at the Sep 12 high of $0.6451.

Bears look for a clean breach of the $0.6400 mark before attempting a move at

the 61.8% retracement of the Sep 12 - Oct 1 slide/high of Oct 17 at $0.6357/55.

- NZ docket for the remainder of this week is empty.