NZD likely to further decline in coming months

New Zealand Dollar saw a similar drop such as AUD recently but has registered a positive performance over December.

"We expect further declines in the months ahead, especially given NZD is even more overvalued than AUD, in our view, and will likely suffer from renewed weakness in dairy prices", says Barclays in a research note. 

New Zealand's November trade data are not expected to offer much of support with another deficit expected, which is a sizeable one.