Economic data released through the Asian session this morning was limited to October trade figures out of New Zealand.
For the Kiwi Dollar, there was more bad news following some particularly disappointing 3rd quarter retail sales figures released on Monday, with the trade deficit widening in October, year-on-year, from NZ$5,330m to NZ$5,790m, which is the highest annual trade deficit since October 2007.
According to NZ Stats:
- Monthly imports hit a record NZ$6.2bn in October, rising above September’s previous record high NZ$5.9bn, the continued rise attributed to higher prices for crude oil and a pullback in the Kiwi Dollar.
- Import values for October were NZ$758 (14%) higher than in October 2017, with the rise spread across a range of commodities, through petroleum and producers were the main contributor, up NZ$257m (68%).
- On the export front, total exports rose by NZ$303m (6.6%) in October to NZ$4.9bn compared with October 2017, with exports sitting at their highest level for any October month.