BNZ with a quickie comment on the New Zealand dollar:
- The NZD is also currently testing post COVID range highs
- currently sitting just under 0.6580, moving up in tandem with the AUD.
- A push through might require a further lift in global risk appetite.
- Higher dairy prices are a support. Yesterday saw the NZX milk futures for Fonterra’s 2020/21 milk price rise strongly, nudging $ 7.00, before easing back a touch. This was a follow on from the very strong GDT auction result the previous night, so offers no additional support to the NZD. But it does reinforce the brightening dairy price outlook with market pricing pushing above Fonterra’s $ 5.40 to $ 6.90 forecast range.
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