New Zealand Dollar supported by Brighter outlook for China
The New Zealand Dollar (NZD) has been further supported by the release of better-than-expected trade data from its largest export partner, China, on Thursday.
The Chinese Trade Balance data showed an unexpected rise in the country’s trade surplus to $125.16 billion in February, according to data from the General Administration of Customs for the People’s Republic of China.
Economists had expected the Trade Balance to come out at only $103.70 billion, from a lower $75.34 billion in the previous month of January.
The higher surplus is a sign of economic health and suggests greater prosperity, leading to increased demand for New Zealand exports, primarily milk and dairy products. This, in turn, is likely to result in an increase in demand for New Zealand’s currency.
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