Statistics New Zealand reports that New Zealand’s current accounts deficit (with a glance at seasonality) increased by NZD0.3bn up to NZD2.9bn in Q2 2012. The biggest part of the dividends was reinvested in Q1 2012. However, there was an outflow of dividends from New Zealand in Q2.
If to exclude seasonality, the deficit reached NZD10.1bn on Q2 2012, which is 4.9% of GDP. The deficit growth is mainly connected with import growth and higher oil prices.
Forex.
According to , the New Zealand Dollar is still strengthening against the US Dollar. However, the experts report that NZDUSD is forming a correction represented by wave b(C ).
A further rally will probably encounter resistance around 0.8302. The current bullish move will be completed as soon as the price consolidates below 0.8207. If this is the case, the closest levels of support will be around 0.8192/84, 0.8149/47, 0.8133/31.
