The post New Zealand Dollar drifts lower below 0. 5650 as China’s Trade Surplus narrows com. The NZD/USD pair attracts some sellers near 0. 5620 during the Asian trading hours on Friday. The New Zealand Dollar (NZD) weakens against the US Dollar (USD) after a narrowing of China’s trade surplus in October and a weak New Zealand jobs report. Traders brace for the flash U-Mich Consumer Sentiment survey later on Friday. Data released by the General Administration of Customs of the People’s Republic of China on Friday showed that China’s trade surplus came in at $90. 07 billion in October versus $90. 45 billion prior. This figure came in below the forecast of $95. 60 billion. Meanwhile, Exports rose by 1. 1% year-over-year in October, missing expectations for a 3. 0% gain. Imports increased 1. 0% year-over-year in October, compared to 7. 4% in September, below the market consensus of 3. 2%. A narrowing of China’s trade surplus in October could weigh on the China-proxy Kiwi, as China is a major trading partner for New Zealand. Additionally, New Zealand’s Unemployment Rate climbed to 5. 3% in the third quarter (Q3), the highest level since 2016. The weak jobs report sealed the case for a rate cut from the Reserve Bank of New Zealand (RBNZ) this month, which exerted some selling pressure on the NZD. Most economists expect another 25 basis points (bps) reduction at the final meeting of the year on November 26. US Challenger jobs data indicated a spike in US job cuts, suggesting a possible cooling in US labor market conditions. The Challenger report showed that companies cut over 150, 000 jobs in October, marking the biggest reduction for the month in more than 20 years. Traders ramped up bets on a rate cut following US Challenger jobs data, which weighed on the Greenback against the NZD. Trading in Fed funds futures implies a 70% possibility of a reduction at the US central bank’s next meeting, up from a 62% probability a day.