The New Zealand dollar was stable today and even gained on the Japanese yen despite the fact that macroeconomic data released in New Zealand overnight was not good.
New Zealand trade balance deficit widened from NZ$843 million in October to NZ$1,193 million in November, more than two times the forecast value of NZ$495 million. That was the first time since 2005 for a gap in November to rise above the NZ$1 billion level. The current account deficit widened from NZ$0.51 billion in the June quarter of 2017 to NZ$4.68 in the September quarter (not adjusted for seasonal variations), above the average forecast of NZ$4.22 billion.
NZD/USD traded at 0.6976 as of 11:14 GMT today after opening at 0.6969. NZD/JPY rallied from 78.66 to 78.90, bouncing from the daily low of 78.51.
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