The trade deficit for New Zealand was recorded at over NZD$1 billion for a second month in a row in September, posting a larger than expected decline. The trade deficit comes as exports broadly declined by over 8.00% with dairy export volumes dragging the figure down by nearly 12.00%. Although the GDT price index has managed to rebound, it is only expected to be reflected in November’s trade data. Imports also declined by 5.50% mostly on account of lack of any large imports. The NZDUSD currency pair has been trading sideways after prices briefly hit the highs of 0.6870 earlier in October. The Reserve Bank of New Zealand’s upcoming interest rate decision is due on October 28th with expectations calling for the RBNZ to hold rates steady and keep monetary policy unchanged.