There is some buying of the NZD against the AUD going through, as well as good ol' NZD/USD buying

We had the NZ trade balance a little earlier, some more detail on it:

(ps. headline data is here)

Total goods exports were down 9.1% y/y

  • Milk powder, butter, and cheese exports drove the fall, down 30 percent, led by lower prices
  • The quantity of dairy products exported rose 2.9 percent, led by cheese and butter, however the quantity of milk powder exported fell 3.1 percent
  • Record quantities of dairy and meat exports for a January month
  • A 20 percent rise in meat exports partly offset the fall in monthly exports

Imports fell 3.8% y/y

  • Fall was led by intermediate goods (such as crude oil and automotive diesel)