From an ANZ research note
- Expects the Reserve Bank of New Zealand "to fully reverse the 100 bps of hikes in 2014 with cuts"
- Forecasts 2015/16 dairy payout to $4.50
Earlier from ANZ:
- Market is struggling to digest larger seasonal volumes from New Zealand dairy producers
- Little on the horizon to suggest any meaningful turnaround in dairy prices
- Falling milk price payments suggest restrictions on farm cash flows will extend well into the start of 2017 season
- Will further impact on confidence, investment, spending
NZD extending its overnight losses this morning:
