New Zealand Trade Deficit Widens, NZD Down

The New Zealand dollar fell against the US dollar and the euro after Thursday’s data revealed that the New Zealand trade balance deficit widened last month unexpectedly.

The New Zealand trade balance posted a deficit of NZ$1.4 billion in September. It was an increase from the August’s value of NZ$1.2 billion while experts had predicted a decrease to NZ$1.1 billion. The data hurt the New Zealand dollar, though other risky commodity currencies were soft as well today, most likely under pressure from the outlook for monetary tightening from the US Federal Reserve in December.

NZD/USD fell from the open of 0.7149 to 0.7139 as of 11:48 GMT today, retreating from the session high of 0.7165. EUR/NZD rallied from 1.5242 to 1.5292, bouncing from the daily minimum of 1.5210.

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