The NZD/USD has traded a fairly tight range over the past24-hours to sit at 0.8550 this morning.Yesterday’s data showed a record NZ trade surplus forMarch. Exports were shown to be booming while importswere also rising. The current account deficit looks set tonarrow further to 2.8% in Q1. However, the data doesnothing to change our forecast for 1.0% Q1 GDP growth.
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