Crunch. The NZD was kicked lower overnight on the backof yet another dairy price decline. NZD/USD is the worstperforming major currency, down 0.3% at 0.8430. Milk prices on Fonterra’s GlobalDairyTrade platform fell atthe eighth consecutive auction, with the GDT Indexdropping 4.2%. We’re mildly surprised by the sharp drop,and so was the market. NZD/USD lost a third of cent onthe release.
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