The NZD made fresh session lows on the back....>

KIWI: The NZD made fresh session lows on the back of ANZ "no longer forecasting

that the next move in the (RBNZ's) OCR will be up." The bank noted that "of

course it is not that we literally believe the OCR will never be moved ever

again; rather, we no longer believe on balance that the next move will

necessarily be upwards. Indeed, given how long it is until a hike could

plausibly be on the cards, the balance of risks is, if anything, tilted towards

the next move being a cut."

- This comes after the NZD/USD cross had consolidated the bulk of the gains it

made late on Friday, on the back of the WSJ headlines which suggested that China

& the U.S. are aiming for trade talks between Xi & Trump in November.

- The NZD/USD pair trades around 80 pips above the YtD low, last $0.6625, with

the rebound aided by the aforementioned risk on flows late Friday & technical

indicators sitting deep in oversold territory.

- Participants now look to Thursday's NZ trade balance release as the key

domestic economic print this week, with focus on the broader risk

tone/developments in the FOMC meeting minutes & Jackson Hole Symposium.