• NZD/USD +6.0% in 2025 as NZ economy slowly recovers from recession

• NZD has been a net beneficiary from Trump's trade war to date

• NZ agricultural exports driving monthly surpluses since Feb

• Wed's NZ 4.81 bln annualised trade deficit represents a 42-mth low

• NZ budget due 0200 GMT Thur, restrained government spending expected

• Markets wary of material increases to govt debt or excessive fiscal cuts

• NZD sitting above 0.5878 200-DMA, may cede significant ground on break below

• Range early Aisa 0.5931-345, support 0.5845 0.5680, resistance 0.6030
NZD Daily 200-DMA

(James Connell is a Reuters market analyst. The views expressed are his own.)