An update on a release in our economic calendar. New Zealand’s trade balance for the year-on-year to April has narrowed to –NZ$3.48 billion from -$3.71 billion. Meanwhile, Moody’s Investors Service has cut its sovereign credit rating on China after citing expectations that the financial strength of the world’s second biggest economy would erode in the coming years. Chinese government is currently faced with slowing economic growth and rising financial risks stemming from soaring debt. This has led to Asian shares edging lower this morning while the Australian dollar and the offshore Chinese yuan slipped.

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