NZD Gains as Current Account Deficit Beats Forecasts

New Zealand's current account deficit narrowed to $-1.67 billion in the second quarter, beating market expectations.

The result was a significant improvement over forecasts, which had pencilled in a shortfall of $-2.57 billion for the period.

This positive development is expected to have a stabilizing effect on the New Zealand Dollar (NZD) against major currencies.

According to VT Markets, stronger current account readings can lead to a 1% to 2% appreciation in the Kiwi dollar over the subsequent fortnight.