Trade Balance 12-Months (NZD) comes in at -3.746B against -3.298B consensus
| Pair | Now | Since publish |
|---|---|---|
| NZDUSD | — | — |
New Zealand’s 12-Month Trade Balance for July 2026 came in at a deficit of -3.746B. This figure was worse than the consensus expectation of -3.298B, representing a -13.6% surprise. The previous reading was a deficit of -3.367B. The actual deficit widened beyond both the previous figure and analyst forecasts.
Following the release, market reaction in NZD pairs was observed over the subsequent 15 minutes. AUDNZD moved up +2.0 pips, EURNZD rose +5.0 pips, and GBPNZD gained +7.7 pips. Conversely, NZDCAD fell -2.8 pips, NZDCHF declined -0.4 pips, NZDJPY dropped -4.2 pips, and NZDUSD was down -2.3 pips. These initial moves are generally smaller than the typical median 1-hour moves observed after past Trade Balance releases, which include 5 pips for AUDNZD, 6 pips for EURNZD, 10 pips for GBPNZD, 4 pips for NZDCAD, 3 pips for NZDCHF, 3 pips for NZDJPY, and 3 pips for NZDUSD.