The New Zealand dollar rallied today following the release of trade data. By now, the currency has almost lost all of its gains and erased them completely against the euro.
The New Zealand trade surplus fell to NZ$103 million in May from NZ$536 million in April. Yet the report was not altogether bad as both exports and imports actually rose last month. In fact, exports increased to the highest level since March 2014.
NZD/USD opened at 0.7286 and rallied to the session high of 0.7343 before retreating to 0.7288 as of 13:54 GMT today. EUR/NZD rose from 1.5338 to 1.5492 after touching the low of 1.5230 intraday — the low not seen since April 24.
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