Forex Trading News – New Zealand Trade Balance for June

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For a sixth consecutive month in the current year New Zealand has released a positive Trade Balance, the surplus is driven mainly by agricultural products, where the country is concerned as a major world exporter. For June the trade surplus was 230 million NZD, the forecast was for 391 million NZD, while the amount for May was 552 million NZD. Despite the ongoing trade surplus, the announced rate did not meet the forecasts, thus the Kiwi lost instantly 37 pips to touch a trough of 0.8611. However, the New Zealand Dollar is recovering as currently is trading at 0.8626 against the US Dollar. The exports of New Zealand are mainly boosted by meat, timber and dairy products, which have contributed by almost 80% to the surplus. In general the country’s exports have recorded an increase of 4.5% the previous month, climbing to 11.8 billion NZD.