NZD got a lift at the start of the week on the election and the latest dairy numbers should helped to improve terms of trade. The GDT Price Index rose 4.3% with whole milk powder prices up 4.2%. This is the fourth consecutive auction with higher prices following the crunch in August.
NZD/USD is down 32 pips to 0.5894 today but about 20 pips off the lows.
