Dukascopy Bank Team
Dukascopy Bank SA
NZDUSD: New Zeland's Trade Balance
The Kiwi weakened against the Greenback, following New Zealand's trade balance report released on Sunday. The NZD/USD currency pair lost four pips, or 0.05%, in the first five minutes after the release, contradicting with the positive data.
The Statistics New Zealand revealed better-than-expected trade balance data, but that was not enough to cause a significant move on the market; in fact, it created a downward move. New Zealand reported a trade surplus of 217M in February, exceeding the forecasts of a 100M deficit. One of the main reasons that created the excess in trade balance was the increase of edible offals and meat exports to all major partners overseas.
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