> NZD traders - heads up for the GDT auction due Tuesday London time

NZD traders - heads up for the GDT auction due Tuesday London time

Monday, 19/03/2018 | 23:37 GMT

The auction begins at 1200 GMT

The previous auction saw a small drop in the overall index

Expectations for today (from futures/derivatives price movements) are for another small drop (circa down 2% in whole milk powder). Just a heads up, these have not been particularly reliable for expectations in past months.

Dairy is a huge part of the NZ economy and exports, the result of this auction impact on Fonterra's milk price forecast and the NZD, hence the forex interest.