New Zealand January trade balance: -566m (prior 640m surplus)

New Zealand January trade data out now. The balance was expected to be around zero, perhaps a small deficit - but its come in at a half billion deficit as exports lagged:

Trade balance -566m

• prior 596m surplus revised from 640m surplus

Exports 4.31bn ... a miss

• expected 4.58bn, prior was revised to 5.49bn from 5.55bn

Imports 4.87bn ... larger than expected

• expected 4.60bn, prior was revised to 4.89bn from 4.91bn

NZD/USD has lost a few tics, but not much in it at all.