The New Zealand dollar advanced today after the nation’s traded balance posted a surplus for the first time in eight months as commodity prices continue to advance.
The New Zealand trade balance posted the surplus of NZ$194 million in February. The reading was definitely better compared to the January decrease by NZ$3 million, but still somewhat lower than the forecast NZ$238 million. The exports rose $550 million, while the imports increased $684 million. The major contributor to the increase of the exports was the milk powder, butter, and cheese commodity group.
The exports make 30 percent of the New Zealand GDP. The annual growth of the exports to China, the second biggest trading partner of New Zealand, gained 39 percent to NZ$5.21 billion last month.
NZD/USD rose from 0.7505 to 0.7573 today as of 23:28 GMT, while EUR/NZD fell from 1.8753 to 1.8624.
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