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After suffering heavy losses last week, can Kiwi bulls gain some momentum this week? Here are catalysts you can watch out for.

Trade balance (Apr 25, 11:45 pm GMT)

New Zealand clocked in a 12M NZD trade surplus in February, which was way better than the 950M NZD deficit that we saw in January.

Traders weren’t too impressed, however, since the surplus was at 188M NZD a year ago. Exports saw an annualized increase of 8.3%, which wasn’t enough to offset the 12.9% uptick in imports.

This week market geeks expect the surplus to balloon to 116M NZD for the month of March.

While the trade data may not have as much impact on the Kiwi as last week’s CPI miss, a better-than-expected release could still help the comdoll claw its way from the pip pits.

Overall risk sentiment

A lack of data releases from New Zealand means that the Kiwi will most likely take cues from market risk sentiment again.

New Zealand’s markets will be out today for Easter Monday and then on Wednesday for Anzac Day, but keep an eye out for catalysts such as Australia’s quarterly CPI data, BOC and BOJ’s monetary policy decisions, and Uncle Sam’s advance GDP report in case they affect traders’ appetite for the high-yielding Kiwi.