Fonterra’s price index fell 6%, with an average selling price of $2,787 per tonne. Mike warned about the auction earlier.
It’s more bad news for the slumping New Zealand dollar as it falls to 0.8317. Watch for stops on a break of 0.8311.
NZDUSD daily chart – watch the level
Update: That didn’t take long. Down to 0.8304 as the stops busted.
