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NZD/USD has been in a bullish trend for more than 1.5 months and is near the top of its yearly range. Recent New Zealand GDP came in weaker than expected, and the Global Dairy Auction prices fell 0.8% in the prior week after seven weeks of gains.
Dairy auction prices feed into New Zealand's currency and export income, so a further fall in auction prices could weigh on the kiwi dollar. Direct impact on feed commodities is limited.
forexsites.comJun 27, 2017After 15 past neutral macro events, Milk (Class III) moved a median -0.2% over 5 sessions (27% higher; middle half -2.1% to +0.1%), and -3.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
