NZD traders - Fonterra raised its 2020/2021 milk payout forecast

Currencies are being shoved around on global developments rather than local it seems, at least the kiwi$ has the RBNZ to keep it interesting!

Nevertheless, some local NZ info:

Fonterra raised its 2020/2021 milk payout forecast to a mid-point of $7.00/kgMS

Comments from the firm:

• "China is continuing to recover well from COVID-19 and this is reflected in recent Global Dairy Trade (GDT) auctions with strong demand from Chinese buyers
• "The impact of COVID-19 continues to play out globally, and we continue to have a watchful eye on the increasing Northern Hemisphere milk production and New Zealand dollar.
• "Our forecasts would see the Co-op contribute around NZD $10.5 billion to the New Zealand economy this year."

Dairy is a main NZ export