NZD/USD last trades at $0.6897, 10 pips........>

KIWI: NZD/USD last trades at $0.6897, 10 pips better off on the day, after

closing 4 pips higher Tuesday, with the rate sticking to a ~30 pip range

throughout the session.

- The release of NZ trade balance data in the NY/Asia crossover applied some

modest pressure to kiwi. In January, NZ registered a wider than exp. trade

deficit of NZ$914mn vs. prev. surplus of NZ$12mn. The impact of the release

proved modest and short-lived.

- Bulls need to clear yesterday's peak at $0.6903 before attempting a move at

the Jan 31 high of $0.6939. On the downside, initial focus falls on $0.6871,

where the rate bottomed yesterday, and a break below would open up the 21-DMA at

$0.6840.

- NZ focus turns to biz. confidence due tomorrow and building permits due

Friday. Chinese PMI data, due Thursday & Friday, will also draw attention.