Date not being parsed as expected

The following insert:

insert into t values('01-10-29')

gives the following result in the DB:

select * from t
      d
------------
  2029-01-10

Why is the first part (01) being parsed as the month? The DateStyle is
set to ISO (the default) so shoudln't the parser see xx-yy-zz as being
year-month-day?

Thanks,

Jc