The NZD sits at a similar level, around 0.7800, thismorning. Having pushed higher last night, to above 0.7860, theNZD/USD dropped after the release of the GDT dairyauction results. This fortnightly event is now firmly on themarket’s radar, assisted by the RBNZ’s direct reference toprice moves. Last night’s auction showed a further 7.3%decline in average prices since the previous event. This willdisappoint those hopeful of a bounce. Recall, the RBNZ islooking for some stability/rebound in prices after the verysharp falls seen since February. The NZD/USD dipped aslow as 0.7780 early this morning, before inching its wayhigher.
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