The New Zealand dollar ticked up today even as the nation’s trade balance surplus shrank more than was expected by analysts. Prospects for the nation’s economy remain positive, making the currency attractive for traders.
The surplus of New Zealand’s trade balance shrank to NZ$534 million in April from NZ$935 million in May. This is compared to the median analysts’ forecast of NZ$636 million. The outlook for the New Zealand economy remains optimistic as the nation’s budget predicted first surplus in seven years, while polls show people’s support of the current governing party ahead of this year’s elections.
NZD/USD rose from 0.8540 to 0.8554 and NZD/JPY went up from 87.04 to 87.13 as of 15:18 GMT today.
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