New Zealand’s statistical office has just released another external trade balance report. To be more specific, the country’s external trade balance reached a surplus equal to NZD358 million. It should be noted that the expert community had expected NZD164 million.
The same report for the previous reporting period was revised from NZD292 million to NZD326 million. Still, the year-over-year dynamics indicated a decline over the latest reporting period. To be more specific, the trade balance saw a deficit equal to NZD363 million over the last 12 months relative to the NZD362-million surplus seen over the previous 12 months.
We remind you that the mentioned index reflects the ratio between the country’s net export and import. A positive reading means a surplus when the export is greater than the import while a negative one indicates a deficit, with the import dominating the export. A surplus favors a stronger national currency while a deficit results in a weaker national currency.
FOREX
Masterforex-V Academy reports that the New Zealand Dollar is now recovering from a strong bearish momentum against the U.S. Dollar triggered by the result of the recent Brexit referendum in the U.K. For now, NZDUSD has regained 50% pf the lost ground and is now trading around 0,7122.
The closest levels of support are the bottom of the ascending MF sloping channel and MF pivot 0,6676. The closest major level of resistance is the 0,7298 high.
