The kiwi has surged as the RBNZ left its......>

FOREX: The kiwi has surged as the RBNZ left its OCR unch. at 1.0%, even as most

analysts exp. a 25bp reduction to the policy rate and mkt pricing was tilted

accordingly. The MPC also stated openness to further policy easing, if needed.

The OCR profile in the RBNZ's MPS was a little more front loaded, in terms of

easing, than its August contemporary, but the trough wasn't any lower, implying

a near 50% chance of one 25bp rate cut at some point in 2020 to mid-2021.

- CAD underperforms its G10 peers at writing, although no potential catalysts in

the way of headlines or data. Crude trades a touch softer.

- USD/JPY saw a decent round of buying into the Tokyo fix and has held onto

losses thus far. JPY's safe haven peer CHF fares relatively well.

- KRW has softened in reaction to yesterday's deterioration in sentiment. South

Korean unemployment ticked higher, but matched expectations.

- Focus turns to EZ industrial output, inflation data from the UK, as well as

U.S. German and Swedish CPIs. RBNZ Gov Orr will hold a presser shortly. Later in

the day we will hear from Fed Chair Powell, his Fed colleague Kashkari and

Riksbank's Floden.