Earlier in the Day:
It is a busier start to the week on the economic calendar this morning. The Kiwi Dollar and the Japanese Yen were in action through the early hours.
For the Kiwi Dollar
Trade figures were in focus this morning. In May, New Zealand’s trade surplus widened from NZ$414m to NZ$469m.
Year-on-year, the trade balance fell from a NZ$760m surplus to a NZ$62m deficit. This was the first annual deficit since the year ended June 2020.
According to NZ Stats,
- The monthly value of goods imports increased NZ$1.3bn (31%) from May 2020 to NZ$5.4bn.
- Car imports, by value, hit an all-time high, driven by a recovery from the COVID-19 pandemic.
- Declines in the exports of textiles and food wastes partially offset the increase in imports of vehicles, parts, and accessories.
- Monthly goods exports were up NZ$461m from May 2020 to NZ$5.9bn.
- Dairy product exports increased by NZ$154m (12%) to NZ$1.5bn from May 2020.
- Logs, wood, and wood articles exports…