The New Zealand dollar rose today after the nation’s trade surplus widened unexpectedly last month.
Statistics New Zealand reported that the trade balance logged a surplus of NZ$365 million in June, up from NZ$175 million in May (revised, NZ$264 million before the revision). That was a total surprise to market participants who were expecting a drop to NZ$100 million. The quarterly trade balance posted a deficit of NZ$773 million.
NZD/USD traded at 0.6708 as of 18:19 GMT today after opening at 0.6703 and rallying to the daily high of 0.6723. AUD/NZD tumbled from 1.0446 to 1.0399.
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