From being the worst performer for this week, NZD has started recovering slowly this month. New Zealand’s Activity Outlook showed a strong value at 37.2% when compared to the previous month’s data. New Zealand’s exports rose to $13 million over the forecasted rates at $3.90 billion. The imports rose to 8.0 percent versus the expectations for $3.90 billion. New Zealand’s Merchandise for dairy products such as milk powder and cheese paved the growth of crude oil, capital goods and consumption goods.

The Reserve Bank Governor Graeme Wheeler pointed out that the economy showed a positive growth. We believe that he will formulate further policies that assist in the growth of the nation. The good news is that the trade weighted index rose to 9.2 percent from January 2016. Compared to USD and AUD, NZD has started to recover from previous losses. From a trading standpoint, we favor strong strength and look for significant highs.

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