NZ Dollar Extends Gains as Trade Balance Turns to Surplus

The New Zealand dollar was rising throughout the Thursday’s trading session and extended gains after the release of positive trade balance data from New Zealand.

New Zealand’s trade balance registered a surplus of NZ$8.1 million in January after logging a deficit of NZ$38 million in December. The actual reading was far better than the predicted shortage of NZ$250 million.

The positive reported helped the New Zealand currency to solidify its already substantial gains. The rally of crude oil prices and European stocks was helping riskier currencies, especially those tied to the commodity market. The kiwi happens to be one of such currencies, therefore it has joined the march up.

NZD/USD rallied from 0.6657 to 0.6746 as of 23:28 GMT today. EUR/NZD dropped from 1.6528 to 1.6322. NZD/JPY advanced from 74.64 to 76.17.

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