There has been no large market reaction to.....>

KIWI: There has been no large market reaction to early comments from RBNZ Gov.

Orr who stressed that the NZ "economic outlook is not that bad," citing terms of

trade, a supportive NZD & low interest rates. As a reminder the RBNZ has struck

a more balanced tone since Orr took the helm, opening up downside risk to the

OCR. Markets are pricing ~12bp of easing by the end of August 2019, a near 50/50

chance of a cut, as a result of the rhetoric employed under Orr.

- On the political front NZ's minister for broadcasting, Clare Curran, resigned

today, after questions surrounding the use of her personal email.

- NZD/USD last trades at $~0.6575, with support noted at the YtD low ($0.6530).

- Q2 manufacturing activity data provides the highlight of the NZ docket over

the next week.