Investing.com – New Zealand’s current account recorded a surplus in the first quarter, defying expectations of a deficit, official data showed late Tuesday.
In a report, Statistics New Zealand said the country’s current account recorded a seasonally adjusted surplus of NZD 0.18 billion in the first quarter, following a deficit of NZD 3.41 billion in the preceding quarter, whose figure was revised down from NZD 3.57 billion.
Economists had expected a deficit of NZD 0.3 billion in the first quarter.
Following the release of the data, the kiwi was down against the U.S. dollar, with NZD/USD shedding 0.14% to hit 0.7030.
In a report, Statistics New Zealand said the country’s current account recorded a seasonally adjusted surplus of NZD 0.18 billion in the first quarter, following a deficit of NZD 3.41 billion in the preceding quarter, whose figure was revised down from NZD 3.57 billion.
Economists had expected a deficit of NZD 0.3 billion in the first quarter.
Following the release of the data, the kiwi was down against the U.S. dollar, with NZD/USD shedding 0.14% to hit 0.7030.