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NZD/USD stepping up towards key 0.7900 mark

FXStreet (Barcelona) - NZD/USD is trading at 0.7875, up 0.79% on the day, having posted a daily high at 0.7895 and low at 0.7803.

NZD/USD is recovering from the lows of the week below 0.7780 and has marched higher up towards the key 0.79 handle in the US shift. The bird had lost ground on a number of accounts towards the end of this month, with lower global commodity prices of late, especially in respect to its own dairy produce and this coupled with inflation expected to edge lower to the bottom of the RBNZ’s target between 1%-3%, with the latest expectations report from Central bank already showing a decline in the expected annual rate from 2.2% 2.1%, the bird was again put under pressure with the market not expecting anymore talk of hikes until the end of 2015 at least.

Wit the poor performances of the US data out of the way, causing weakness in the greenback all around in the US session, we now await the Trade Balance for October which has been forecast to come in at a deficit of NZ$490m, an improvement from the previous month.

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