The NZD/USD exchange rate dropped markedly on the New Zealand’s trade balance data late Monday. The Kiwi lost against the US Dollar 17 base points or 0.23% to touch the 0.7249 mark and to rebound gradually, though the trading session continued in the weaker area of 0.7240-0.7250, where the post-election uncertainties kept supporting the bearish sentiment in the pair.
Statistics New Zealand reported that the country’s trade balance marked a NZ$1235M deficit for the month of August, compared with expectations for a fewer deficit of NZ$825M. The Market also remained watching any sings from the Reserve Bank of New Zealand, as its hawkish tone could strengthen the Kiwi.
