New Zealand Dollar Recovers From Two Week Low Despite Falling Trade Surplus

Published on Jul 24, 2023 16:29

New Zealand dollar or NZD edged up from a two week low against the US dollar despite tepid overseas trade data and recorded a modest gain as supportive local equities and a slight consolidation in the US dollar index after spurt from 15 month low benefited the NZD. The NZDUSD pair is currently quoting up 0.46% at 0.6201 after a relentless fall over last two weeks. Meanwhile, New Zealand posted a merchandise trade surplus of NZ$9 million in June, Statistics New Zealand said on Monday. This was sharply in contrast to the upwardly revised NZ$52 million surplus in May. Exports were worth NZ$6.31 billion, easing from the downwardly revised NZ$6.97 billion in the previous month while imports came in at NZ$6.30 billion, down from the downwardly revised NZ$6.91 billion a month earlier. The New Zealand stocks edged up benchmark S&P/NZX 50 Index gained 0.7% to close at 12,018.23 on Monday- hovering around two month high.