It has been a relatively headline heavy........>

KIWI: It has been a relatively headline heavy session for the kiwi thus far,

although the major NZD crosses remain range bound. NZDUSD trades 15 or so pips

higher at 0.7245, while the AUDNZD is broadly unchanged at 1.0645. The RBNZ's

new PTA was formally announced this morning, and confirmed that the central bank

is now expected to contribute to supporting "maximum sustainable employment"

alongside its medium term inflation target. The committee based decision making

that was also expected was formalised and will go into play in 2019.

- New Zealand's February trade balance printed a surprise surplus, but has done

little to generate NZD demand.

- NZDUSD has remained capped ahead of the 55-DMA (0.7285), with bulls needing a

close above this level to shift initial focus back to 0.7315-54 where the

trend-line off 2018 highs is noted. The 0.7126-37 support region remains key.

- AUDNZD bulls failed to capitalise on the close above the 21-DMA (1.0721)

following the bounce from 2018 lows with the pair looking heavy once again.

Bears currently focus on 1.0578-1.0611. Bulls now need a close above the 55-WMA

(1.0830) to gain breathing room.