Investing.com – The New Zealand dollar edged higher against its U.S. counterpart on Tuesday, after government data showed that New Zealand posted its first trade surplus in eight months in February amid record-high commodity prices.
NZD/USD hit 0.7535 during late Asian trade, the daily high; the pair subsequently consolidated at 0.7519, easing up 0.10%.
The pair was likely to find support at 0.7421, last Thursday’s low and short-term resistance at 0.7552, Monday’s high.
Earlier in the day, official data showed that New Zealand’s trade balance swung to a surplus of NZD194 million in February, from a deficit in January.
Statistics New Zealand said exports outpaced imports by NZD194 million. Overseas shipments, which make up 30% of gross domestic product, rose 17% from a year earlier to a nine-month high of NZD3.8 billion, compared with a forecast for NZD3.5 billion.
The kiwi was also up against the yen, with NZD/JPY rising 0.11% to hit 61.43.
Later in the day, New Zealand was to publish official data on building consents while the U.S. was to release a report on consumer confidence.
NZD/USD hit 0.7535 during late Asian trade, the daily high; the pair subsequently consolidated at 0.7519, easing up 0.10%.
The pair was likely to find support at 0.7421, last Thursday’s low and short-term resistance at 0.7552, Monday’s high.
Earlier in the day, official data showed that New Zealand’s trade balance swung to a surplus of NZD194 million in February, from a deficit in January.
Statistics New Zealand said exports outpaced imports by NZD194 million. Overseas shipments, which make up 30% of gross domestic product, rose 17% from a year earlier to a nine-month high of NZD3.8 billion, compared with a forecast for NZD3.5 billion.
The kiwi was also up against the yen, with NZD/JPY rising 0.11% to hit 61.43.
Later in the day, New Zealand was to publish official data on building consents while the U.S. was to release a report on consumer confidence.