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NZD Drops on Trade Balance, Sill Retains Appeal of Traders

June 27, 2014 at 13:00 by Vladimir Vyun

Some coins on NZD notesThe New Zealand dollar sank today as the nation’s trade balance worsened, though it was better than analysts forecast. Market experts still view the currency in a positive light, saying that fundamentals are extremely supportive.

The New Zealand trade balance posted a surplus of NZ$285 million in May, which was bigger than forecast NZ$250 million but far smaller than the previous month’s value of NZ$498 million. On an interesting note, the South Pacific country expanded its trade with China as exports to the Asian nation rose by NZ$204 million to NZ$868 million. Economists say that the New Zealand dollar is the most sought after currency by carry traders compared to its developed-nation peers.

NZD/USD fell from 0.8779 to 0.8761 as of 12:57 GMT but not before reaching the daily high of 0.8793, which was not that far from the all-time high. NZD/JPY dropped from 89.30 to 88.84.

If you have any questions, comments, or opinions regarding the New Zealand Dollar, feel free to post them using the commentary form below.

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