The previously documented attack on major......>

KIWI: The previously documented attack on major Saudi oil facilities, which

affected some 5% of global oil production, limited risk appetite early doors

applying weight to NZD/NZD. However, the rate recovered as U.S. Pres Trump

pledged readiness to release U.S. petroleum reserves, if needed to stabilise the

market. NZD/USD currently trades 11 pips higher, at $0.6388.

- NZ services PMI printed at 54.6, showing marginal deceleration; no NZD

reaction noted so far.

- NZD/USD gave away 29 pips on Friday, with the move accelerating as U.S.

advance retail sales beat forecasts, and also helped by reported AUD/NZD demand

stemming from a de-escalation in U.S.-China trade tensions.

- Following a foray under Friday's low, bears look for an extension of the

recent downtrend. A breach of the Sep 6 low of $0.6364 would open up the Aug 26

low of $0.6342. Conversely, a push above $0.6392, the 23.6% retracement of the

Jul-Aug fall, would clear the way to the next round figure above.

- NZ Q3 Westpac cons. conf. survey comes out tomorrow, with Q2 BoP C/a balance

to be published on Wednesday. The release of Q2 GDP is scheduled for Thursday.