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New Zealand Dollar Spikes After Better-Than-Expected Trade Data

New Zealand Dollar Spikes After Better-Than-Expected Trade Data

Shawn Jagpal,

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Talking Points:

  • NZ Trade Balance –NZ$472M in Aug vs. –NZ$1125M Expected, –-NZ$724M in July
  • Exports at NZ$3.52B vs. NZ$3.20B Expected, Imports at NZ$4.00B vs. NZ$4.45B Expected
  • New Zealand Dollar Traded Briefly Higher After Trade Data But Gains Proved Fleeting

New Zealand’s Trade Balance for August was better than expected. The deficit registered at -NZ$472 million compared with - NZ$1125 million forecast by economists ahead of the release. Exports were stronger than anticipated, coming in at NZ$3.52B versus NZ$3.20B expected. Imports came in at NZ$4.00B compared with NZ$4.45B projected before the data was released.

NZD/USD traded to a session high below the 0.81 figure following the release. New Zealand’s economy is heavily dependent on its export sector meaning better-than-expected trade readings may bode well for overall growth and in turn for RBNZ rate hike expectations. Currency Strategist Ilya Spivak points to key trend line resistance at 0.8189.

New Zealand Dollar Spikes After Better-Than-Expected Trade Data

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