The New Zealand dollar rallied today, reaching the highest level since August 2011 versus the US dollar and touching the highest since 2007 versus the Japanese yen. One of the reasons for the rally was the faster-than-expected growth of trade surplus.
The New Zealand trade balance demonstrated a surplus of NZ$818 million in February up from NZ$286 million in January. The actual value was noticeably above the forecast reading of NZ$595 million. The kiwi rallied for the fifth straight session versus the greenback, frustrating New Zealand officials who think that the currency is too strong.
NZD/USD rallied from 0.8589 to 0.8679 and NZD/JPY climbed from 87.62 to 88.56 as of 15:12 GMT today.
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