The NZD slid along with most major currencies as the USDrallied broadly overnight, but took an additional hit from yetanother poor dairy auction. NZD/USD is down 0.7% at0.8320. The GlobalDairyTrade Index tumbled a further 6% in theauction overnight, taking the cumulative decline since earlyFebruary to 45%. But offsetting the bad news for Fonterra(and other dairy producers), the NZD actually responded tothe declines, unlike the negative auctions earlier in theyear.
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