26.05.2015 - The data on the trade balance in New Zealand have not changed the negative sentiment

The trade surplus in New Zealand in April totaled 123 million against the forecast of about 105 million. Exports in April fell by 5.5% compared with the same period of the last year, while imports rose by 2.6%. The trade deficit for the year totaled 2.6 billion New Zealand dollars. Exports of dairy products fell by 27%. It should be noted that sales in China decreased by 66%. Given the low prices for dairy products, which have a negative impact on the economy, the Reserve Bank of New Zealand may lower interest rates. We maintain a negative outlook on the New Zealand currency, and recommend holding short positions.

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