By Lucy Craymer WELLINGTON--The New Zealand dollar is lower late Wednesday with weak local trade data released earlier putting pressure on the currency. Statistics New Zealand said that the country recorded a 1.19 billion New Zealand dollar (US$982 million) goods, or merchandise, trade deficit for August and a NZ$2.06 billion deficit for the year ended Aug. 31. Both deficits were the widest since September 2008. July's monthly balance was revised down slightly to a NZ$771 million deficit. However, economists say the data actually not as bad as it looks due to the make up of the deficit. "Imports were boosted by a large drilling platform, probably the Kan Tan IV rig that arrived in Taranaki during the month, which accounted for the entire miss on the imports side. Moreover, the solid underlying import growth is indicative of an expanding domestic economy," said BNZ economist Doug Steel. In late Wellington trading, the New Zealand dollar was at US$0.8234 compared with US$0.8339 late Tuesday and at A$0.8783 compared with A$0.8857. However, OzForex Senior Corporate Dealer Michael Judge said the U.S. dollar remains in focus and is currently the key driver of the New Zealand dollar. He adds that U.S. durable goods and house sales data later in the global day would be watched closely by investors and this could push around the New Zealand dollar around.

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