NZD/USD jumped 15 points on the trade balance release, to above 0.18510 and has settled below that level now.
The trade balance results showed a much better surplus than expected. This may well be drought-related, with animal-product exports brought forward as livestock numbers are reduced to cope with less feed/water.
Interestingly, exports to China in the March quarter were higher than exports to Australia, for the first time.
