HiFX Data Update - NZ Trade Balance (May) Release

The NZ Trade Balance for May has just been released.

They came in better than expected:

NZ Trade Balance:

Trade Balance (May) $294mio surplus Consensus $100mio surplus
- Imports (May) $5.1bio Consensus $5.10bio
- Exports (May) $5.4bio Consensus $5.25bio

Trade Balance Year to May $3.6bio deficit - consensus $3.74bio deficit.

Exports set a new high for the month of May and 2nd highest for any month, with meat & log exports leading the way. Imports also set a new high for the month of May.

The NZD is little moved in immediate response.

Current indicative rates are:

NZD-USD 0.6845 / 0.6870
NZD-AUD 0.9265 / 0.9290
NZD-EUR 0.5870 / 0.5895
NZD-GBP 0.5170 / 0.5195
NZD-JPY 81.20 / 81.45

NZ Business Confidence figures hit the tapes at 1:00pm today, followed by the RBNZ Official Cash Rate (OCR) decision Thursday morning – the OCR is expected to remain at 1.75%.

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