Trade Deficit Has Mixed Impact on NZ Dollar
The New Zealand dollar fell against the Japanese yen today as the New Zealand trade balance deficit was near the highest level since 2008. The deficit was still below analysts’ expectations, allowing the kiwi to gain against the US dollar.
New Zealand’s trade deficit was at NZ$791 million in September, which is below the median forecast of NZ$838 million. Still, the deficit is high and would be highest since October 2008 if the August figure was not revised from NZ$789 million to NZ$809 million. Business confidence remained positive though, as the sentiment index rose a little from 17.0 to 17.2.
NZD/USD rose from 0.8177 to 0.8204 and NZD/JPY declined from 65.64 to 65.54 as of 12:22 GMT today.
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Earlier News About the New Zealand Dollar:
- NZ Dollar Advanced as RBNZ Does Not Cut Interest Rates (2012-10-25)
- Slacking Global Growth Makes NZ Dollar Less Appealing (2012-10-23)
- NZ Dollar Bounces Up After Decline on US Jobless Claims (2012-10-19)
- New Zealand Inflation Slowest Since 1999, NZD Hurt (2012-10-16)
- RBNZ Keeps Rates Stable, Kiwi Moves Higher (2012-09-13)