The NZD has been on the backfoot in early......>

KIWI: The NZD has been on the backfoot in early dealing following the RBNZ

MonPol decision. - The Reserve Bank stood pat, as was universally expected.

- Gov. Orr began the statement by stating the outlook for monetary policy is for

the OCR to remain at 1.75% for "some time to come" along with the equally

balanced risks for a move up or down but ended by saying it would remain at this

level for a "considerable period."

- The RBNZ trimmed its CPI exp., and now looks for CPI to hit 2.0% in Q420;

prev. Q320.

- The Bank's OCR projections now look for a hike in Q319; prev Q219.

- The path for exchange rate was slightly lowered.

- NZDUSD hit fresh YtD lows of 0.6934 on the move lower, with support not seen

until the December 12 2017 low (0.6899), while AUDNZD printed a high of 1.0761,

just shy of the March 22 high (1.0762), with the next resistance level above

that is seen at the 100-DMA (1.0768). NZDUSD last 0.6945, AUDNZD last 1.0745.

- RBNZ Gov. Orr's press conference is now underway.