The New Zealand dollar was down against its US peer before the big jump that erased the losses and remained weaker against the Japanese yen after New Zealand trade balance posted an unexpected deficit in January.
New Zealand trade balance had a deficit of NZ$199 million in January, compared to a NZ$167 million surplus predicted by analysts. The report said that one-off importation of large aircraft had a large influence on the import value, therefore the large deficit doesn’t fully reflect the actual trend in overseas trading. The kiwi was also weakened by reemerging worries about the European debt crisis.
NZD/USD fell from 0.8364 to 0.8321 before trading near 0.8406 as of 16:34 GMT today. NZD/JPY went lower from 68.30 to 67.65 after reaching the daily low of 66.79 and touching the intraday maximum of 68.30, the highest since July 1.
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