Kiwi hovers near 6-week low

New Zealand dollar fell for the third session in a row, to reach lowest in six weeks, following trade balance data, which showed a sharp narrowing between the last reading and the previous one.

NZD/USD last traded at 0.7211, down from the opening of 0.7234, with a session-high at 0.7236 and a low at 0.7210.

 New Zealand’s trade balance in July recorded a surplus of 85 million New Zealand Dollars narrowing down from the previous reading of 246M Kiwi, while expectations were a deficit of 200M kiwi.

Negative pressure on kiwi, caused by disappointing trade balance data and U.S. dollar’s rebound against rival currencies as markets wait for the Jackson Hole Symposium later this day.