Thu, Oct 21, 2021 @ 17:19 GMT
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New Zealand recorded first March trade deficit in 10 years

New Zealand trade balance unexpectedly show NZD -86m deficit in April, versus expectation of NZD 200m surplus. That was also the first March deficit 10 years since 2008. Goods exports rose 5.8%, or NZD 265m while imports rose 14%, or NZD 612m.

From Australia, PPI rose 0.5% qoq, 1.7% Yoy in Q1 versus expectation of 0.4% qoq, 1.2% yoy.

NZD and AUD are the weakest major currencies this week, followed by EUR.

Comparing the two, AUD/NZD is in recovery mode since early April. For now, the rise from 1.0486 is seen as a correction and could target 38.2% retracement of 1.1289 to 1.0486 at 1.0793. But we’ll start to look for topping signal around there.

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