NZD/USD has climbed 15 pips and last trades....>

KIWI: NZD/USD has climbed 15 pips and last trades at $0.6924, after the release

of stronger than exp. NZ trade data. Trade balance printed at +NZ$12mn vs.

forecasts of -NZ$200mn and the prior -NZ$948mn. Kiwi marginally outperforms in

the G10 FX space at writing.

- The rate advanced 30 pips yesterday, as risk appetite recovered in the London

and NY sessions, while the greenback struggled, pressured by soft U.S. Tsy

yields.

- The initial bullish target is provided by the upper 1.0% 10-DMA envelope at

$0.6939, where the rate peaked last Thursday. A break above would allow bulls to

set their sights on the Feb 2 YTD high, located just 3 pips above. Meanwhile,

bears look for a return below the $0.6900 figure, which acted as a resistance on

Feb 25-27 and again last Friday.

- The RBNZ will deliver its MonPol decision on Wednesday, with the OCR exp. to

stay unchanged. Elsewhere, NZ ANZ biz. confidence due Thursday and building

permits due Friday will also provide some interest, as will any fallout from the

Sino-U.S. trade talks.