The New Zealand dollar gained today, rising for the second day and joining other commodity currencies in a rally. In general, currencies linked to raw materials were firm today as the market sentiment stabilized, though the positive domestic macroeconomic data also helped the kiwi.
Statistics New Zealand reported that the trade balance logged a surplus of NZ$922 million in March, which was far above the median forecast of NZ$131 million. The balance showed a deficit of NZ$68 million the month before.
Exports climbed to NZ$5.7 billion in March. It was the highest level on the record.
The quarterly figure was far worse. The trade balance showed a deficit of NZ$1.0 billion in the March quarter even as exports rose 2.0%, while imports fell 2.5%.
NZD/USD jumped from 0.6624 to 0.6664 as of 12:38 GMT today. EUR/NZD dropped from 1.6799 to 1.6721. NZD/JPY rose from 73.94 to 74.91.
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