NZD/USD Falls to Lowest Since February on Trade Deficit

The New Zealand dollar declined today after the nation’s trade balance demonstrated a bigger deficit than was expected by analysts. The currency reached the lowest rate since February against its US counterpart.

New Zealand’s trade balance showed a shortage of NZ$692 million in July, compared to the median forecast of NZ$475 million. It was the first deficit in nine months. The kiwi sank against the greenback after the report, but recovered later somewhat and is trading sideways now.

NZD/USD slipped from 0.8341 to 0.8330 as of 12:11 GMT today, while its intraday low of 0.8310 was the weakest rate since February 27. NZD/JPY dropped from 86.79 to 86.60.

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