What’s wrong with the housing market?
Talking Points:
- NZ Trade Balance –NZ$472M in Aug vs. –NZ$1125M Expected, –-NZ$724M in July
- Exports at NZ$3.52B vs. NZ$3.20B Expected, Imports at NZ$4.00B vs. NZ$4.45B Expected
- New Zealand Dollar Traded Briefly Higher After Trade Data But Gains Proved Fleeting
New Zealand’s Trade Balance for August was better than expected. The deficit registered at -NZ$472 million compared with - NZ$1125 million forecast by economists ahead of the release. Exports were stronger than anticipated, coming in at NZ$3.52B versus NZ$3.20B expected. Imports came in at NZ$4.00B compared with NZ$4.45B projected before the data was released.
NZD/USD traded to a session high below the 0.81 figure following the release. New Zealand’s economy is heavily dependent on its export sector meaning better-than-expected trade readings may bode well for overall growth and in turn for RBNZ rate hike expectations. Currency Strategist Ilya Spivak points to key trend line resistance at 0.8189.
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