Ratings agency Fitch with a note out on NZ and Australia

  • not yet a ratings risk but a prolonged period of low dairy prices could have a substantial impact
  • Australia's recent experience with a shock to terms of trade suggests there could be a direct impact on external accounts

Full report here

AUDUSD treading water around 0.7375. NZDUSD on a mini-rally from 0.6535 to 0.6554