Global macro overview for 24/12/2015:

According to the data released last night, the New Zealand trade deficit shrank more than expected in November (-779M vs. -812M expected). The exports (4.08 vs. 3.90 expected) were driven by a 23% advance in meat and edible offal exports. Imports ( 4.85 vs. 4.76 expected) were also stronger, driven by a 42% increase in capital goods and a 19% surge in consumer goods. Goods shipped for China surged 17% on year in November, led by a 25% surge in milk powder, whereas exports to Australia dropped 4.1%. The deterioration in export income comes due to continuous weakness in global dairy prices as they have plummeted over 50% since 2015 peak.

The NZD/USD pair is trading inside the rising channel, just shy of important technical resistance at the level of 0.6837.