Statistics New Zealand published a report this morning which gave a surprise to global investors. The figure released was the past month’s Current Account, which measures the change in value of imported versus exported goods and services.
The New Zealand trade deficit, as reported by this morning’s reading, was shown to be approaching surplus levels. Expectations for the figure were for a mild shrinkage in the deficit, but nothing of the sort seen last night. The report revealed the deficit dropping to NZ$ 0.10B from the previous reading’s NZ$ 3.63B. Traders have taken the news as a sign of impending growth for the island economy and have purchased NZD as a result.
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