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- NZD/USD holds losses after China released its latest trade data, indicating a slowdown in external demand.
- China’s trade surplus shrank to CNY 689.99 billion in April, down from CNY 736.72 billion in March.
- US Initial Jobless Claims dropped to 228,000 for the week ending May 3, slightly beating expectations.
The NZD/USD pair continues its downward trajectory for the third consecutive session, hovering near 0.5890 during Friday’s Asian trading hours. The decline follows the release of China’s latest trade data, which pointed to a slowdown in external demand. Given New Zealand’s strong trade links with China, any weakness in the Chinese economy tends to negatively impact the NZD.
China’s trade surplus narrowed to CNY 689.99 billion in April, down from CNY 736.72 billion in March. Exports rose 9.3% year-on-year, easing from March’s 13.5% growth, while imports edged up 0.8% YoY, recovering from a -3.5% decline previously.
In US Dollar (USD) terms, the trade surplus stood at $96.18 billion—higher than the $89 billion forecast but below March’s $102.63 billion. Export growth slowed to 8.1% YoY from 12.4%, though it beat expectations of 1.9%. Imports declined slightly by 0.2% YoY, better than the expected -5.9% and the previous -4.3%. China’s trade surplus with the US shrank to $20.46 billion in April from $27.6 billion in March.
Adding to the NZD’s woes, the US Dollar is gaining support from upbeat labor market data. US Initial Jobless Claims fell to 228,000 for the week ending May 3, slightly better than forecasts and down from the prior week’s 241,000. The insured unemployment rate held steady at 1.2%, while the four-week moving average inched up to 226,000. Continuing Jobless Claims declined by 29,000 to 1.879 million for the week ending April 26, reflecting ongoing labor market strength.
