Little reaction on NZDUSD
The auction results from New Zealand's global dairy trade are showing a decline of -1.2% in prices.
- The average selling price came in that NZ$3,481 Per tonne
- the index fell -1.2% at the previous sale
- a total of 21,634 tonnes was sold at the latest auction
- the auctions are held twice a month
The auction results can affect the New Zealand dollar as a dairy sector generates more than 7% Of the nation's gross domestic product. The New Zealand milk cooperative, which is owned by 10,500 farmers, controls nearly a third of the world dairy trade.
