New Zealand Current Account Logs Deficit, NZD Remains Firm

The New Zealand dollar was firm today even though the nation’s current account turned into deficit in the second quarter of 2016.
The New Zealand current account posted a deficit of NZ$0.95 billion (not seasonally adjusted) in the June quarter after logging a surplus of NZ$1.18 billion during the previous three months. On a seasonally adjusted basis, the already existed shortage increased even more. Yet the New Zealand currency was not bothered by the news, gaining on its major rivals, including the US dollar and the euro.
NZD/USD rose from 0.7250 to 0.7283 as of 11:34 GMT today. EUR/NZD declined from 1.5465 to 1.5414.

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