The Kiwi revealed the relatively muted reaction on an unexpected increase in the New Zealand trade balance data. The NZD/USD exchange rate grew 6 base points or 0.08% to the 0.7324 mark.
New Zealand imports and exports reached new highs as the country bought more computers and cars, while earning more from agriculture. Goods exports rose 26% to $5.6B, the new monthly high, while imports increased 11% to $4.9B, putting the country’s trade balance in a $640M surplus. China continued to be the main trading partner of New Zealand for the fourth year in succession. Meanwhile, being the biggest dairy products exporter, New Zealand benefitted from higher dairy prices globally over the last year.
