The New Zealand trade balance turned positive in January, surprising analysts who expected it to remain in the negative territory. The New Zealand dollar rallied as a result.
The New Zealand trade balance had a surplus of NZ$56 million in January after posting a deficit of NZ$195 million in December. Market experts counted on a shortage of NZ$162 million. The positive data allowed the NZ dollar to rally to the highest level since January 21 against the US dollar and the Japanese yen.
NZD/USD rallied from 0.7552 to 0.7585 and NZD/JPY rose from 89.76 to 90.10 as of 9:25 GMT today.
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