NZD/USD sits at $0.6590, 8 pips lower on the...>

KIWI: NZD/USD sits at $0.6590, 8 pips lower on the day. Westpac revised their

RBNZ call and pushed their exp. of a 25bp OCR reduction to Aug 2020 from Feb.

Meanwhile, the latest quarterly survey of economists compiled by NZIER showed a

lower GDP growth outlook through 2021. In the local data, services PMI showed

deceleration in the sector, printing at 53.3 vs. the prev. 55.3.

- The rate finished almost unch. Friday. It received a boost early on thanks to

a risk-on reaction to UK election results. However, these gains were shed later

in the day as lack of clarity in the details of U.S.-China phase-one trade pact,

to be signed in early January, left participants disappointed.

- Following the charting of a Doji candlestick on Friday, bears look for a drop

below the 200-DMA at $0.6535, which would fuel their hopes for a broader

reversal. Bulls need a push above Friday's peak at $0.6636 to reinstate the

topside momentum.

- NZ calendar this week is headlined by local Q3 GDP, due Thurs alongside trade

balance. ANZ biz. conf. hits on Tues, BoP current a/c data comes out Weds, while

ANZ cons. conf. survey is due Fri. There is a GDT auction coming up on Tues.