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The New Zealand dollar traded lower against its U.S. rival during Thursday’s Asian session from Reserve Bank of New Zealand Governor Graeme Wheeler. "Sustained strength in the exchange rate that leads to lower inflationary pressure would provide the bank with greater flexibility as to the timing and magnitude of future increases in the OCR," said Wheeler in a statement released earlier in the session. On Wednesday it was revealed Moody’s Investors Service recently considered stripping New Zealand of its AAA sovereign debt rating due in part to the country’s widening account deficit. Moody’s is the only one of the three major ratings agencies to have an AAA rating on New Zealand. Thanks for reading, http://www.tradingforex.com Technical Analysis http://www.tradingforex.com/en/blog/entry/daily-morning-report-and-technical-levels-thursday-31-10-2013

The Australian dollar traded higher against its U.S counterpart during Thursday’s Asian session following some decent economic data out of China. Earlier Thursday, the HSBC China flash PMI climbed to a seven-month high of 50.9 in October. The HSBC final PMI reading for September was 50.2, well below the flash estimate of 51.2. China, the world’s second-largest economy, is Australia’s largest export market. The flash PMI reading for October "implies that China’s growth recovery is becoming consolidated into 4Q following the bottoming out in 3Q. This momentum is likely to continue in the coming months, creating favorable conditions for speeding up structural reforms," according to HSBC. Output, new orders and new export orders all increased at faster clips, but the employment index fell. Input and output prices rose, but at slower rates. On Wednesday in Australia, official data showed that consumer price inflation rose by 1.2% in the third quarter, exceeding expectations for a 0.8% increase, after a 0.4% rise in the three months to June. The New Zealand dollar traded higher against its U.S. rival during Thursday’s Asian session following the release of encouraging domestic and Chinese data. Earlier Thursday, Statistics New Zealand said the country’s trade deficit dropped to NZD199 million in September from NZD1.91 billion in August. Economists expected a September deficit of NZD680 million. Exports jumped to NZD543 million to NZD3.83 billion in August - topping estimates for NZD3.46 billion and up from NZD3.33 billion in the previous month. Imports fell NZD48 million NZD4.03 billion below the estimate of NZD4.13 billion. For the year ending September, New Zealand’s trade deficit is NZD1.56 billion, well below the estimate of NZD2.073 billion. Thanks for reading www.tradingforex.com