New Zealand's external trade surplus showed some growth in February 2016, the country’s statistical agency reports. At the same time, experts say that over the past 12 months, the external trade balance still hasn’t made its way out of the deficit zone.
The external trade surplus increased all the way up to 339 million NZD over the same reporting period relative to the previous value of 8 million NSD. The actual figures managed to exceed the analyst expectations of 50 million NZD. However, given the time period since March 2015, the external trade balance has been seeing a deficit of 3,57 billion NZD. This means that the positive tendency only started not so long ago.
With that being said, the latest figures show that the country’s exports have been dominating its imports, which is definitely backing the national currency by allowing it not to lose its value against the U.S. Dollar and other major currencies out there, Market Leader reports. To be more specific, February’s export increased all the way up to 4.25 billion NZD. Experts say that the export of major goods like dry milk, butter and cheese increased by more than 9% over he reporting period. Meanwhile, the country’s imports increased up to 3.91 billion NZD.
FOREX
In the meantime, Masterforex-V Academy reports that the New Zealand Dollar keeps on rallying against the U.S. Dollar within the scope of the same mid-term uptrend. To be more specific, NZDUSD is making wave a(C )/C of level Weekly inside the rally.
At this point, there is another smaller-scale wave being built inside of the mentioned upward momentum. This is probably wave b(C ) of the upward move. A break above the local high of 0.6872 is going to continue the current wave. If that’s the case, the next major levels of resistance are going to be found somewhere around 0.6881/96 as well as Fibo level 0.7056. Alternatively, a break below MF pivot 0.6571 as well as the bottom of the ascending MF sloping channel is going to put an end to the existing bullish wave.
