New Zealand Trade Balance Misses Expectations, NZD Down

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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