AUD/NZD last seen at NZ$1.0290, 3.......>

AUSSIE-KIWI: AUD/NZD last seen at NZ$1.0290, 3 pips lower on the day, after

finishing barely changed on Monday.

- The pair edged lower in early Asia-Pac trade today, touching session lows of

NZ$1.0283 on the back of stronger than exp. NZ trade data. In February, NZ trade

balance showed a surplus of NZ$12mn vs. the prior NZ$948mn deficit and with

markets forecasting a NZ$200mn deficit. The impact of the release has seemingly

dissipated thereafter.

- Worth mentioning the rate has operated within a 15 pip range thus far.

- RBA's Ellis offered little fresh in her latest address. She pointed to labour

market strength, and limited wage growth, while alluding to the wealth effect of

lower house prices on household consumption.

- With the rate operating below the NZ$1.0300 handle, bears look for a clean

breach of NZ$1.0276 - a level not seen since the Jan 3 flash crash, which

limited losses yesterday. Meanwhile, bulls initially look to the down trendline

from the Feb 13 high at NZ$1.0322, following several failed attempts at

consolidation above that trend line, noted last week.