In July, the New Zealand Trade Balance had a varied outcome, causing pressure on the NZDUSD to remain around the 0.5900 level.
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As per the latest New Zealand (NZ) foreign trade numbers from the New Zealand Statistics, the headline Trade Balance drops to $-1,107.0M MoM in July versus $-111.0M prior (revised). However, the annual trade deficit improves to $15.81B for the said month versus $16.11B prior figures (revised from $15.98B).
Further details suggest that Exports ease to $5.45B during the said month versus $6.18B (revised) prior whereas Imports improves to $6.56B compared to $6.29B in previous readings.
NZD/USD fails to offer any meaningful reaction to the mixed NZ trade numbers for July while staying depressed around 0.5920 amid the early hours of Monday’s Asian. It’s worth noting that the Kiwi pair dropped in the last five consecutive weeks to refresh the yearly low to around 0.5900.
The Trade Balance released by Statistics New Zealand is a measure of the balance amount between imports and exports, and it is published in New Zealand dollar terms. A positive value shows a trade surplus while a negative value shows a trade deficit. Any variation in the figures influences the domestic economy. If a steady demand in exchange for exports is seen, that would turn into a positive growth in the trade balance, and that should be positive for the NZD.
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