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New Zealand Dollar Gains Despite Weaker Exports, Imports Data

New Zealand Dollar Gains Despite Weaker Exports, Imports Data

2012-03-24 03:00:00
David Liu, Technical Strategist
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The Takeaway: NZ February trade data shows weaker exports, previous data revised lower > additional pressures on export-oriented economy > NZDUSD gains in low liquidity

The New Zealand dollar moderately strengthened after February trade data showed weaker exports and imports, including lower revisions for the previous month’s data. Major reactions in Kiwi crosses were subdued with slightly better trade balance and low-liquidity trading in pre-Asia markets. Further pressures on the substantial export sectors of the New Zealand economy is expected, with exports to China showing a substantial decline.

EVENT

ACT

EXP

PREV

Trade Balance (FEB)

161M

153M

-159M

Exports (FEB)

3.59B

3.93B

3.73B

Imports (FEB)

3.43B

3.65B

3.89B

Trade Balance 12mo YTD (FEB)

621M

712M

644M

Total Exports to Australia (FEB)

750.2M

-

726.0M

Total Exports to China (FEB)

526.3M

-

626.6M

A breakdown of New Zealand trade to major destinations showed a large impact of further Chinese economic fine tuning, with total exports falling to a three month low. Although breakdown by merchandise is not available yet, reports earlier in the month from dairy producer Fonterra indicated that exports of dairy and other soft commodities to China may slow. Trade between New Zealand and its largest partner Australia gained on a comparatively more optimistic domestic Australian economy.

New_Zealand_Dollar_Gains_Despite_Weaker_Exports_body_Picture_5.png, New Zealand Dollar Gains Despite Weaker Exports, Imports Data

-Data Bloomberg

The New Zealand dollar gained moderately versus the US dollar immediately after the report despite weaker data in all reports except monthly trade balance. With no more data scheduled during the Asian session and the effects of the trade data largely market-neutral, the New Zealand dollar is expected to follow general risk trends for the rest of the morning.

New_Zealand_Dollar_Gains_Despite_Weaker_Exports_body_Picture_4.png, New Zealand Dollar Gains Despite Weaker Exports, Imports Data

Chart generated with FXCM Strategy Trader

-- By David Liu, DailyFX Research

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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