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6 Aug 2014
Kiwi pressured on USD strength, dairy auction
FXStreet (Bali) - The Kiwi has been under pressure in late US session following yet again another negative global dairy trade auction, one which saw an overall decline of -8.4% in USD terms.
Whole Milk Powder was down 11.5% from three weeks ago, while a wide range of product also suffered a significant reduction. As Peter Fell, Analyst at FXBeat, notes: "Apart from broad based US dollar demand across most currency pairs, further pressure was place on the Kiwi from the global dairy auctions..."
Peter also mentions that focus is now shifted towards NZ Q2 unemployment, due at 22:45 GMT, noting that "the consensus is for a drop to 5.8% from 6.0% in Q1... a tighter labour market will put upward pressure on wages and likely prompt calls for the RBNZ to restart their tightening cycle, earlier than expected, a higher print will have the opposite effect and place more pressure on the 'bird'."
Whole Milk Powder was down 11.5% from three weeks ago, while a wide range of product also suffered a significant reduction. As Peter Fell, Analyst at FXBeat, notes: "Apart from broad based US dollar demand across most currency pairs, further pressure was place on the Kiwi from the global dairy auctions..."
Peter also mentions that focus is now shifted towards NZ Q2 unemployment, due at 22:45 GMT, noting that "the consensus is for a drop to 5.8% from 6.0% in Q1... a tighter labour market will put upward pressure on wages and likely prompt calls for the RBNZ to restart their tightening cycle, earlier than expected, a higher print will have the opposite effect and place more pressure on the 'bird'."