NZD - ICYMI, Fonterra cut their milk price payment forecast
This has hardly come as a surprise, the dairy giant has cut its 2018/19 milk price forecast range
- now at NZD6.00-6.30/kg (previous was at 6.25‑6.50/kg)
- citing higher than expected global production
Fonterra's previous forecast (see above in bullets) was issued in October, the firm quick to react to continued price weakness since (although the most recent auction this week showed a touch higher, the first for months).
NZ is a huge exporter of dairy, price moves for the various forms of the commodity are a key input to the NZD.