The NZD/USD sits lower this morning, at 0.8120, afterdrifting downward overnight and suffering post-US FOMCvolatility. Yesterday morning’s balance of payments data showed theNZ current account deficit slimmed further to 2.5% of GDP.However, we continue to expect deterioration toward 5.0%of GDP in 2015, which will be one of a number of factorsthat could weigh on the NZD over the longer-term.
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