Mike had the headlines here: Kiwi under pressure again as GDT auction sees prices tumble
If you’re just waking up :
- The overnight global dairy trade auction saw an overall fall of -8.4% in US dollar terms
- Whole Milk Powder was down 11.5% (from just three weeks ago)
- Other products fell also
- Down around 40% since the start of 2014
- Prices are now the lowest since October 2012
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After the previous auction, Fonterra announce milk pay-out price of NZ$6/kg (and more here)
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NZD/USD, resistance initially 0.8475 , then 0.8490/95 0.8525/30 and 0.8555.
Support … around 0.8400 was the low in early June, maybe something around there?
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