NZ Dollar Fails to Rally on Rising Trade Surplus

The New Zealand dollar opened sharply lower today. The currency attempted to rally intraday but has failed and is trading below the opening level as of now.
Economic data released from New Zealand over the current trading session was good. The trade surplus increased from NZ$326 million in April to $358 million in May instead of shrinking to NZ$185 million as analysts had predicted. Yet it could not help the New Zealand currency that was suffering from the turmoil caused by Britain’s referendum and the resulting risk-negative market sentiment.
NZD/USD traded at 0.7046 as of 12:46 GMT today after opening at 0.7064 and rising to 0.7111 intraday. NZD/JPY opened at 71.75, rallied to the daily high of 72.70 only to retreat to 71.53 later.

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