FXWW888, our resident hedge fund trader in the FXWW/Reuters messenger chat-room, is suggesting that the Kiwi might be in for some downside pressure today.
Interesting level here 8640 in NZD… close below there on daily sets up key day reversal… bearish divergence on the dailies also. Dairy product prices had the biggest drop in almost 20 months at Fonterra’s latest GlobalDairyTrade auction as whole milk powder fell to its lowest level in more than a year. The GDT price index dropped 8.9 per cent to US$4,124 a tonne from US$4,563 per tonne two weeks ago, the fourth straight decline and the lowest since August 2012. Some 39,653 tonnes of product was sold, up from 39,008 tonnes two weeks ago.