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Forex - Kiwi surges vs. dollar after N.Z. trade surplus report

By Investing.comForexMay 27, 2010 08:15AM GMT Add a Comment
 
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Investing.com – The kiwi jumped against the U.S. dollar on Thursday, erasing some of its recent losses, after official data showed the country’s trade surplus widened more than expected in April.

Forex - Kiwi surges vs. dollar after N.Z. trade surplus report
During late Asian trade, NZD/USD advanced 1.37% to hit 0.672. The pair was likely to find support at 0.6561, Tuesday’s low and a 10-month low, and short-term resistance at 0.6817, last Thursday’s high.

Earlier in the day a report by New Zealand’s statistics office said the country’s surplus in April rose to NZD 646 million, up from NZD 590 million in March, whose figure was revised upwards from NZD 567.

Economists had expected April’s figure to come in at NZD 455 million.

The data took New Zealand’s annual trade balance into the black for the first time since July 2002.

The kiwi also surged versus the yen, NZD/JPY shot up 1.78% to hit 60.67.

Later in the day, the U.S. was due to release data on initial jobless claims, a key indicator of overall economic health. The country was also scheduled to publish a report on its gross domestic product, the broadest measure of economic activity.


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