New Zealand improved its external trade balance in the first quarter of the year. This is what is shown by the latest report released by the local office for national statistics. The key reason for higher external trade surplus is an improvement in the field of rendering various services to foreign clients.
To be more specific, the surplus reached NZD1.31 billion, thereby exceeding the forecast of NZD1.05 billion. Over the previous reporting period, New Zealand’s external trade balance saw a deficit equal to NZD2.9 billion. The report also reads that the ratio between the current balance and the GDP reached 3%, which actually matched analyst forecasts.
FOREX
In the meantime, the New Zealand Dollar is still rallying within the scope of the same long-term uptrend against the U.S. Dollar, Masterforex-V Academy reports. NZDUSD is now developing an upward move – wave 3/C of level Weekly2.
On breaking the 0.7146 high, the currency pair is going to continue the existing move. In this case, the next closest levels of resistance will be found at 0.7154, 0.7219/20, 0.7314/26. Alternatively, a break below the bottom of the ascending MF sloping channel and MF pivot 0.6674 is going to put an end to the existing move.
