Currencies are being shoved around on global developments rather than local it seems, at least the kiwi$ has the RBNZ to keep it interesting!
Nevertheless, some local NZ info:
Fonterra raised its 2020/2021 milk payout forecast to a mid-point of $7.00/kgMS
Comments from the firm:
- “China is continuing to recover well from COVID-19 and this is reflected in recent Global Dairy Trade (GDT) auctions with strong demand from Chinese buyers
- “The impact of COVID-19 continues to play out globally, and we continue to have a watchful eye on the increasing Northern Hemisphere milk production and New Zealand dollar.
- “Our forecasts would see the Co-op contribute around NZD $10.5 billion to the New Zealand economy this year.”
Dairy is a main NZ export