The NZD saw a mild bounce, as commodity currenciesrose off the lows they had made in the week’s first half. NZD/USD is 0.2% firmer at 0.8070. This came despite a largely negative set of headlines fromFonterra’s annual results, where the co-operative droppedits 2014/15 payout forecast from $6.00 kg/MS to $5.30,which was toward the lower end of expectations.Furthermore, Fonterra noted that downside risks remain,stemming from rising global supply, Russia’s import ban,and Chinese inventory.
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