The NZD was far and away the strongest performing majorcurrency against the USD over Thursday, up 0.8% to0.8380.The NZD got an early boost from news that Fonterra liftedits milk price forecast by 35 cents to $8.65 per kg of milksolids. This was not surprising given very stronginternational prices, but is positive nonetheless. Later in themorning, the currency received further support from trade,migration, and tourism data. The trade surplus wasstronger than expected at $306mn, NZ gained a net inflowof 3,090 migrants during January, and visitor arrivals roseto 12% y/y.
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