The NZD has had a dip as the Fonterra news announcement hit.
I had the heads up that something was coming a little earlier, here.
I'm awaiting more detail but the announcement is that Fonterra say their offer volumes at GDT auctions will increase decrease over the coming 12 months
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AUD/USD is being hit even harder
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Update - I haven't any further on this.
AUD and NZD both sold hard. I'll stick some charts into the comments cause I can't get them into the post (I'll leave out the language i am using to describe my frustration with this)
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Update;
Part of the Fonterra announcement:
- A movement in our supply/demand balance has led to a change in the most recent GDT offer quantity forecasts. Forecasted offer volumes over the next 12 months have been decreased by 875MT.
- The major contribution to this reduction is [Whole Milk Powder] which has reduced 5,650MT over the 12 month period with a 7,530MT reduction in May 2016 compared to May 2015. While TE140 has been increased 600MT and June offers for WMP increased 1,880MT.
