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NZ Merchandise Trade Balance lower than expected, but still strong.

Written by Sam Coxhead on July 26th, 2011.      0 comments

11:30 AM (NZT) The just released June NZ trade balance shows a smaller than expected surplus of 230million (391million expected). May’s surplus was also revised down, by 54million to 551 million.
 
Statistics NZ said “The trend in exports has reached a new high, surpassing the previous peak in the March 2011 quarter,” .
 
So these are healthy numbers albeit not as healthy as the market economists had expected. In the coming six months demand from China is expected to fall. Anecdotal evidence points towards a marked slowdown in some industries, with log export markets becoming far more difficult in the last two months. This should start to show up in the upcoming numbers and will be part of what the RBNZ has to consider when they contemplate cash rate hikes.
 
The NZD weakened on release of the trade balance numbers.
 
Meanwhile, global markets tread water and wait for the US law makers to come to agreement on the raising of the US debt ceiling. President Obama is due to hold a press conference at 9pm EST.
 
  Current level Pre- NZ trade bal  % Chge NZ trade balance
NZD/USD 0.8625 0.8643 -0.21%
AUD/USD 1.0845 1.0851 -0.06%
NZD/AUD 0.7956 0.7972 -0.20%
AUD/NZD 1.2569 1.2544 0.20%
NZD/GBP 0.5300 0.5312 -0.23%
NZD/EUR 0.6002 0.6016 -0.23%
NZD/YEN 67.57 67.71 -0.21%
NZD/CAD 0.8172 0.8188 -0.20%
 

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