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4 Mar 2015
AUD and NZD overnight price action snapshot - Westpac
FXStreet (Guatemala) - Sean Callow, analyst at Westpac Banking Corporation, gave a snapshot of price action in the Aussie and Kiwi from overnight.
Key Quotes:
"NZD/USD was dragged higher by the AUD, from 0.7530 to 0.7574 then steadied at 0.7545."
"AUD/NZD dribbled lower from 1.0385 to 1.0350 but remains slightly above the pre-RBA level of 1.0335."
"The GlobalDairyTrade auction saw the overall index rise 1.1%, but more importantly, whole milk powder prices appeared to stall. The WMP average was down 1.0%, with distant delivery dates down as much as 5% but April delivery up 13%. Buyers appeared to be taking a view that NZ’s drought will soon pass and supply will pick up by the NZ spring. NZD showed no real reaction."
Key Quotes:
"NZD/USD was dragged higher by the AUD, from 0.7530 to 0.7574 then steadied at 0.7545."
"AUD/NZD dribbled lower from 1.0385 to 1.0350 but remains slightly above the pre-RBA level of 1.0335."
"The GlobalDairyTrade auction saw the overall index rise 1.1%, but more importantly, whole milk powder prices appeared to stall. The WMP average was down 1.0%, with distant delivery dates down as much as 5% but April delivery up 13%. Buyers appeared to be taking a view that NZ’s drought will soon pass and supply will pick up by the NZ spring. NZD showed no real reaction."