The NZD/USD sits fractionally higher this morning, at 0.8520. The release of the ANZ commodity price index passed almost without notice from the currency market yesterday afternoon. The data showed world prices for NZ’s major primary product exports fell 2.4% in July, driven by lower dairy prices. There was some offset from strong gains in meat and aluminium. Overall it fits with the broader downtrend we see for the remainder for the year. It also confirms the downward pressure we see on the likes of the terms of trade and current account deficit ahead
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