The New Zealand dollar advanced today even though the trade data from New Zealand was rather bad. Yet the kiwi managed to rise as a negative housing report from the United States drove traders away from the US dollar to other currencies.
The New Zealand trade deficit expanded from NZ$0.5 billion to NZ$1.4 billion in September, much more than was expected by analysts. It is interesting to note that Australia regained its place as the biggest trading partner of New Zealand, replacing China in this role. Yet poor economic data from the USA allowed the NZ dollar to rally at the expense of the greenback, outweighing New Zealandâs own negative indicators.
NZD/USD rose from 0.7822 to 0.7853 as of 18:57 GMT today. NZD/JPY advanced from 84.68 to 84.87, bouncing from the daily low of 84.26.
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