New Zealand’s good exports rose 2.2% yoy, or NZD 107m, to NZD 5.1B in June. Goods imports rose 0.2% yoy, or NZD 11m, to NZD 4.6B. Monthly trade surplus narrowed to NZD 426m, down from may’s NZD 1286m, slightly below expectation of NZD 450m.
Over June quarter, goods exports dropped -5.8% yoy, or NZD 904m, to NZD 14.7B. Goods imports dropped -16% yoy, or NZD 2.5B, to NZD 13.2B. Quarterly trade balance was a surplus of NZD 1.4B, first quarterly surplus since Q1 2014.
NZD/JPY breached 71.66 resistance to 71.67 yesterday, but reversed from there, following broad based risk off mood. Focus is now back on 69.82 support. Break there will confirm rejection by 71.66 resistance. Fall from 71.67 would then be seen as the third leg of the corrective pattern from 71.66. Deeper decline would then be seen to 68.19 support and below.
