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.
