NZD/USD slipped below the $0.6600 mark on......>

KIWI: NZD/USD slipped below the $0.6600 mark on Tuesday and seems to be settling

there, as it trades flattish at $0.6595 at typing. Tuesday's move was driven by

the well-documented concern about China's coronavirus. A slide seen in Asia-Pac

hours was retraced in the London session, but selling pressure picked up again

ahead of the close. 

- The latest GDT auction saw headline price index rise 1.7% vs. the previous

event, with whole milk powder prices rising 2.4%. Elsewhere, Westpac boosted

their 2019/20 milk price forecast to NZ$7.40 from NZ$7.10 amid dry weather in NZ

& stronger than expected dairy prices seen this season.

- New Zealand is heading for a general election this year. PM Ardern is expected

to propose an election date any time soon, with the poll to be held by Nov 21.

- On the technical front, the Jan 15 low of $0.6584 draws bearish attention,

with the 50-DMA providing the next potential layer of support at $0.6568. Bulls

look for a jump above $0.6600 & the trendline resistance at $0.6635.

- New Zealand's CPI & credit card spending are the next local data releases of

note. Both will be published on Friday.