The New Zealand dollar was one of the weakest currencies on the Forex market today, though managed to outperform the Japanese yen. Better-than-expected domestic macroeconomic data failed to bolster the kiwi.
Statistics New Zealand reported that the trade balance turned from a deficit of NZ$948 million in January to a surplus of NZ$12 million in February. That was a surprise to analysts, who were expecting a deficit of NZ$200 million. Milk powder, butter, and cheese led the rise of exports that resulted in the trade surplus.
NZD/USD fell from 0.6908 to 0.6901 as of 9:54 GMT today after rising to 0.6923 earlier. At the same time, NZD/JPY edged up from 75.98 to 76.19.
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NZ Dollar Weak Despite Trade Surplus
