NZDUSD ignores lower milk prices

Two weeks ago, there was a sharp rise in milk prices in New Zealand. The GDT index increased by 15%, while milk powder prices jumped even more. During today's session, prices are falling. This is the first decline after 8 weeks of increases. This suggests that the increase from 2 weeks ago may have been a one-off incident. Nevertheless, we will now take a closer look at these prices and the potential for further appreciation of the New Zealand dollar.

Prices are dropping almost 4%. One can see that the amount of milk sold is slightly higher compared to the minimum amount available at the auction. Source: GDT

The price of powdered milk drops the most, by over 6%. Nevertheless, prices remain above $ 4,000 per tonne. Source: GDT

NZDUSD is doing a bit worse since the end of February. This is obviously the effect of the rising US dollar related to the strong rise in yields. As one can see, the milk price peak has also coincided with the local NZDUSD high around 0.7300. Source: xStation5

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