Today was published statistics on the trade balance of the New Zealand. It should be recalled that the country is highly dependent on exports of dairy products which are sold abroad and, the price of which remains at low levels. As a result, in June the country's trade deficit totaled 60 million against the expected surplus of 100 million. Exports for the month grew by 14.3% to 4.23 billion, while imports increased by 9.0% to 4.29 billion. This fact, together with the expectation of lower interest rates of the RBNZ are the basis for continuing the downward price movement with the potential fall to 0.62 and 0.60. We keep the medium-term negative outlook and recommend holding short positions.