The New Zealand dollar weakened today after the release of the underwhelming trade balance report.
The trade surplus of New Zealand shrank from $367 million to $117 million in March. It was nowhere near the reading of $405 million predicted by analysts. This led to a drop of the New Zealand dollar, which followed its Australian peer in decline, despite the rally of gold and crude oil that should have been supportive for commodity-related currencies.
NZD/USD dropped from 0.6895 to 0.6845 as of 10:00 GMT today. NZD/JPY fell from 76.74 to 76.19.
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