New Zealand Dollar moves back to November 3 lows against US Dollar following RBNZ report

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• The New Zealand Dollar loses ground against the US Dollar after the RBNZ publishes its latest inflation expectations.
• The central bank report suggests prices are likely to come down in the future, capping interest rates – a negative for NZD. 
• NZD/USD remains in a long-term downtrend with commentary from Fed officials as potential near-term influences. 

The New Zealand Dollar (NZD) has traded more than one-third of a percentage point lower against the US Dollar on Wednesday. The NZD/USD pair has lost 0.37% on the day and has moved back to lows not witnessed since November 3. The market mood sours on the back of a vaguely downbeat outlook for the global economy. Since New Zealand is a major exporter of commodities, a slowdown in global growth would not help its currency.