The New Zealand dollar NZD fell to a 10-week low against the USD on Thursday, after data showed the country’s current account deficit blew out to record levels in the first quarter.

Long standing concerns about the size and sustainability of New Zealand’s current account deficit were rekindled by the worse-than-expected data.

“The current account deficit is 9.3 percent of GDP, much too high for the market’s liking, particularly as attracting capital flows is becoming more difficult,” said Ashley Davies, currency strategist at UBS in Singapore.
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