NZD/USD is a touch below overnight lows sub 0.6250 post the July trade figures. The pair was last at 0.6247, around 0.20% sub NY closing levels. The monthly deficit sat at -NZ$1092mn, versus a revised -NZ$1102mn in June (the original estimate was -NZ$701mn). Exports rose, albeit from a lower base, and imports gained at a stronger pace. The 12 month deficit printed at fresh historical wides, at -NZ$11.6bn. All in all, the external position remains a headwind for NZD. AUD/USD has been dragged a little lower by NZD, but the AUD/NZD cross is still a touch higher, last at 1.1065/70.
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