Thursday, May 24, 2007

New Zealand Kiwi Choppy Versus Aussie, Declines Against Other Majors Late Wednesday, Thursday, May 24, 2007 12:32:12 AM

During the evening deals on Wednesday, ahead of the release of the New Zealand trade balance data for the month of April, the New Zealand currency moved sideways against the Greenback and the Euro, but it declined against the rest of majors. Amid the release, the major Kiwi pairs edged lower.

However, at about 8:30 pm ET, the Kiwi bounced back most of its losses against the Aussie and then showed a choppy trend. The Japanese April merchandise trade balance data which was also released during the session weakened the Kiwi further versus the Yen.

The Statistics New Zealand said that the New Zealand`s trade balance showed a deficit of NZ$212 million in April, compared to a surplus of NZ$61 million in the prior month. Exports rose 5.2% from last year, while imports climbed 13.5%.

Japan`s merchandise trade surplus surged 51.8% in April to 926.68 billion yen from 610.64 billion yen a year ago, a provisional report by the Ministry of Finance said. Analysts expected a trade surplus of 977.0 billion yen for April.

The New Zealand dollar moved sideways against the U.S. currency on Wednesday evening. However, the pair lost ground at 6:45 pm ET and this came following the release of the New Zealand April trade balance data. The Kiwi touched a low of 0.7276 by about 9:25 pm ET and then gained some momentum. Of late the pair is moving sideways again and as of 12:30 am Eastern Time Thursday, the Kiwi was quoted at 0.7285 against the Greenback.

In the evening hours on Wednesday, amid the release of the New Zealand April trade balance data, the European currency trended higher versus the Kiwi. At about 9:25 pm ET, the euro dropped slightly and entered a loose range thereafter. As of 12:30 am Eastern Time Thursday, a Euro collected 1.85 against the Kiwi.

Ahead of the releases of both the New Zealand and the Japanese economic data, the Kiwi ticked down against the Yen. The pair continued its downtrend following the releases and hit as low as 88.39 by about 9:25 pm Eastern Time. Soon after, the Kiwi strengthened slightly and followed a sideways movement. As of 12:30 am ET Thursday, the Kiwi was worth 88.57 against the Yen.

Against the New Zealand currency, the Aussie showed strength on Wednesday evening and this was ahead and amid the release of the New Zealand April trade balance data. However, at about 8:30 pm ET, the Aussie gave back most of its gains and showed a choppy trend thereafter. Lately the Aussie has been trading slightly higher and fetched 1.1300 against the Kiwi as of 12:30 am Eastern Time Thursday.
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