NZ Dollar Drops After Trade Balance Turns to Deficit

The New Zealand dollar fell today following the release of New Zealand’s trade data overnight even though the report was better than forecasts.

The New Zealand trade balance showed a deficit of NZ$566 million in January after logging a surplus of NZ$596 million in December. The actual gap was nowhere near the forecast shortage of NZ$2,710 million. On the other hand, it was the biggest January deficit since 2007.

NZD/USD dropped from 0.7301 to 0.7267 as of 14:16 GMT today. NZD/JPY fell from 78.04 to 77.81.

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