News Column

NZ Dollar Falls After Trade Data

May 25, 2014



CANBERA (Alliance News) - The New Zealand dollar declined against the other major currencies in early Asian deals on Monday as nation's trade surplus declined more-than-forecast in April.

Data from Statistics New Zealand showed today that New Zealand's trade surplus in April was NZUSD534 million, down from forecasts for NZUSD634 million surplus. In the previous month, the trade surplus was NZUSD935 million.

Exports rose 4.5 billion on month in April, while imports were NZUSD3.96 billion in the month.

Annually, trade surplus was NZUSD1.19 billion, lower than the expected surplus of NZUSD1.3 billion.

The kiwi dropped to 1.0828 against the aussie, setting a weekly low. The pair was worth 1.0787 at Friday's close. If the kiwi continues decline, 1.09 is likely seen as next possible downside target level.

The kiwi hit 0.8526 against the greenback for the first time since April 29. This is lower by 0.1% from last week's closing value of 0.8537. On the downside, the kiwi may find support at the 0.84 zone.

The kiwi which finished last week's trading at 87.03 versus the yen fell to 86.93. The next possible support for the kiwi is seen around the 86.00 zone.

The kiwi dropped to 1.5970 against the euro in early deals and stablised shortly thereafter. The pair was worth 1.5947 when it ended deals on Friday. An extension of decline may lead the kiwi to a support at the 1.61 level.

Looking ahead, the Bank of Japan Deputy Governor Kikuo Iwata will deliver speech at an event hosted by Kyodo news agency at 3:00 am ET.

The UK markets are closed for Spring bank holiday and the US markets will remain shut on account of Memorial day.



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Source: Alliance News


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