NZ Dollar Slides After Trade Data



The NZ dollar weakened against the other major currencies in the Asian session on Tuesday as nation's trade data showed a wider-than-expected deficit for April.

Data from the Statistics New Zealand showed that New Zealand saw a merchandise trade deficit of NZ$ 692 million in July. This was wider than the shortfall of NZ$ 475 million expected by economists and followed the NZ$ 247 million surplus in June. Exports were down 3.3 percent, while imports tumbled 4.8 percent.

The NZ dollar fell to nearly a 9-month low of 1.1168 against the Australian dollar and a 6-month low of 0.8310 against the U.S. dollar, from early highs of 1.1137 and 0.8346, respectively and held steady thereafter.

Against the yen and the euro, the kiwi dropped to a 6-day low of 86.49 and a 5-day low of 1.5863, from early highs of 86.85 and 1.5801, respectively and held steady thereafter.

Looking ahead, U.S. durable goods orders for July, house price indexes for June based on two separate surveys by the Federal House Finance Agency and the S&P/Case-Shiller and consumer confidence index for August are due to be released in the New York session.

News are provided by InstaForex.