The New Zealand dollar logged gains against its US counterpart and the Japanese yen (update: the NZ dollar retreated back to the opening level versus the yen), carried higher by the greenback’s weakness. Earlier, the New Zealand currency declined due to the mixed macroeconomic data from the South Pacific country.
New Zealand imports fell while exports rose in March, resulting in the trade surplus of NZ$631 million — bigger than was predicted by analysts. Yet in the March quarter the trade balance registered a deficit of NZ$490 million. Moreover, the annual trade gap was highest since July 2009. On top of that, the ANZ Business Confidence eased from 35.8 in April to 30.2 in March.
NZD/USD rose from 0.7719 to 0.7731 as of 16:55 GMT following the earlier drop from 0.7670. NZD/JPY trade at about the opening level of 91.72 after falling to 91.34.
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NZ Dollar Recovers After Earlier Losses
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