New Zealand Dollar Drops as Trade Balance Misses Analysts’ Estimates

The New Zealand dollar fell today, dropping for the six consecutive day against the US dollar, following the release of a worse-than-expected trade balance report.

New Zealand’s trade deficit shrank from NZ$815 in October to NZ$705 million in November. While not a bad reading by itself, it was notably worse than the analysts’ median estimate of a NZ$500 million shortage. Credit card spending rose 4.1% last month from a year ago, slower than the previous month’s increase of 10.1%.

NZD/USD declined from the open of 0.6914 to trade at 01.6904 as of 17:56 GMT today, retreating from the daily high of 0.6946. NZD/JPY fell from 81.44 to 81.17.

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