NZD/USD surged Weds & extended its winning.....>

KIWI: NZD/USD surged Weds & extended its winning streak, with the kiwi landing

atop the G10 pile. NZD led commodity FX higher amid firmer sentiment & better

oil prices, while drawing additional support from an interview with RBNZ Gov

Orr, who downplayed potential for an imminent deployment of -ve interest rates.

- RBNZ Chief Economist Ha joined the attempts by the central bank's off'ls to

pour cold water on speculation that the era of negative rates is nigh, noting

that he expects the OCR to stay unch. until Mar 2021.

- Westpac revised their RBNZ call accordingly, noting that they now expect the

RBNZ to bring the OCR into negative territory in Apr 2021 rather than next Nov.

- Elsewhere, Fonterra reported a 9-month EBIT of NZ$815bn, up by NZ$301bn vs.

last year, but flagged the impact of the coronavirus outbreak on prices, noting

that GDT whole milk powder prices have fallen 17% since late Jan.

- NZD/USD trades flat at $0.6146. Bulls target Weds'/May 11 highs of $0.6156/58.

Above there would expose Apr 30 high of $0.6176. Bears look for a drop below the

50-DMA at $0.5995, which would open May 15/Apr 23 lows of $0.5921/11.

- NZ credit card spending is due later today, while retail sales hit Friday.