The New Zealand dollar rallied against its US counterpart today as New Zealand’s trading balance surplus surged above analysts’ expectations. The kiwi trimmed its advance versus the greenback later and fell against the Japanese yen despite the positive news.
The New Zealand trade excess rose from NZ$441 million in February to NZ$718 million in March. Experts have anticipated just a small increase to NZ$472 million. The report bolstered the New Zealand dollar initially, but the currency has hard time keeping the gains.
NZD/USD was at 0.8513 as of 10:32 GMT today after rising from 0.8493 to 0.8536. NZD/JPY declined from 84.29 to 84.01.
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