The New Zealand dollar attempted to rally today on the back of a better-than-expected current account reading, but by now the currency has lost its gains and trades below the opening level against most-traded rivals.
Statistics New Zealand reported that the current account turned into surplus of NZ$0.68 billion in the March quarter of 2019 from the deficit of NZ$3.49 billion in the previous quarter (without seasonal adjustments). Analysts had expected a smaller surplus of NZ$0.16 billion. With seasonal adjustments, the current account logged a deficit of NZ$2.6 billion.
NZD/USD fell from 0.6528 to 0.6521 as of 9:01 GMT today after rising to the session high of 0.6538 earlier. NZD/JPY slipped from 70.78 to 70.70, retreating from the daily maximum of 70.98.
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NZ Dollar Rises on Current Account Surplus, Fails to Hold onto Gains
