NZD's post-RBNZ rally allowed AUD/NZD...>

AUSSIE-KIWI: NZD's post-RBNZ rally allowed AUD/NZD to print at the lowest levels

seen since early April on Thursday, with the rate last dealing at NZ$1.0459,

little changed on the day.

- The unwind of modest market pricing of the chance of a cut at yesterday's RBNZ

decision helped the cross to edge lower, with the AU/NZ 2-Year swap differential

sitting just off the recent cycle low at writing.

- Bears target a clean break below yesterday's low at NZ$1.0442 to open up the

April 02 low at NZ$1.0434, with a break here opening the 50% retracement of the

YtD range at NZ$1.0419. Bulls need to reclaim NZ$1.0500, and ideally the 100-DMA

at NZ$1.0508, to regain to some poise.

- The latest NZ ANZ business confidence survey is due at the top of the hour.