Fonterra’s GDT Price Index climbed 2.4 percent, with an average selling price of $2,609 per tonne, in the dairy auction held today.
That’s good news for the New Zealand dollar but the bad news is that volumes were down 9.9% from the previous auction so the price rise may not be indicative of a full-supplied market.
NZD/USD rallied to 0.7820 on the headlines but quickly fell back to 0.7806.
