Latest Global Dairy Trade auction currently underway 20 Mar
Further to Eamonn's post just another heads-up for those of you who trade NZD pairs.
Says our man Down Under:
"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."
Diminished impact these days but keep it in mind nonetheless. Result due between 13.00-14.00 GMT.
NZDUSD currently going nowhere in a hurry at 0.7210 but on the back foot still as general USD demand prevails.
Previous results:
