1 Jul 2015
NZD/USD falls to 0.6729 after Fonterra’s GDT auction
FXStreet (Mumbai) - The NZD/USD pair fell to a fresh intraday low of 0.6729, its fresh four year low, after the global dairy trade (GDT) price index fell at Fonterra’s GDT auction today.
Whole milk powder price drops 10.8%
The Kiwi suffered losses after the whole milk powder price dropped 10.8% at Fonterra’s GDT price index. The spot has recovered slightly to trade at 0.6742. However, the pair is trading at multi year lows as a drop in whole milk prices supports the case of further monetary easing indicated by the RBNZ.
Meanwhile, the USD remains well supported on a better-than-expected ADP private sector employment report and ISM manufacturing report.
NZD/USD Technical Levels
The pair currently trades in a no man’s land. The next major support is seen at the psychological level of 0.67, under which a major support is seen at 0.6560 (May 2010 low). On the other hand, resistance is seen at 0.6786 (June 28 low) and 0.6924-0.6930 (June 25 – June 22 high).
Whole milk powder price drops 10.8%
The Kiwi suffered losses after the whole milk powder price dropped 10.8% at Fonterra’s GDT price index. The spot has recovered slightly to trade at 0.6742. However, the pair is trading at multi year lows as a drop in whole milk prices supports the case of further monetary easing indicated by the RBNZ.
Meanwhile, the USD remains well supported on a better-than-expected ADP private sector employment report and ISM manufacturing report.
NZD/USD Technical Levels
The pair currently trades in a no man’s land. The next major support is seen at the psychological level of 0.67, under which a major support is seen at 0.6560 (May 2010 low). On the other hand, resistance is seen at 0.6786 (June 28 low) and 0.6924-0.6930 (June 25 – June 22 high).