New Zealand trade deficit hit 11- month peak
NZ trade deficit in July hits an 11-month peak, driven by high priced oil imports overshadowing flattening export picture. Annual deficit narrows slightly, but data overall falls short of market expectations.
The New Zealand dollar slipped to a 10-day low on Tuesday as investors avoided risky high-yield currencies amid renewed concerns about global credit markets.
NZ dollar falls through the USD 0.7000 level from its local opening around USD 0.7040, and slides through support levels to touch a session low of USD 0.6960, lowest since August 15th, after selling against the yen and as U.S. currency extends gains.
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