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NZD/USD above 0.7800 despite dismal trade balance release

FXstreet.com (Athens): The NZD/USD dropped to 0.7772 level, after higher goods imports led to a deficit of $774 million.

The value of imported goods rose $676 million (17%) to $4.6 billion in July 2013, compared with July 2012, Statistics New Zealand said today. “Higher goods imports led to a deficit of $774 million, the largest for a July month since 2008,” industry and labor statistics manager Louise Holmes-Oliver said. Despite the deteriorating trade number, the pair pared its earlier losses and is now trading very close to its daily high. Investors might consider that the ‘kiwi’ is still …read more