New Zealand Dollar Moves Up On Current Account Balance

The 2nd quarter Current Account Balance in New Zealand came in much better than expected at +124M versus the estimate of a -1.98B decline. The prior months reading was also revised better. This in conjunction with the Account Deficit to GDP ratio also better than expected (-5.9% vs. -7.4%,) got the Kiwi moving across the board, most notably against the AUD and USD. AUD/NZD has moved to multi-week lows as noted on the chart below and we will look for some support at the late August lows at 1.2120.

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