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Lower Fonterra Auction numbers take the gloss off the NZD in overnight trade

Written by Sam Coxhead on July 6th, 2011.      0 comments

9:00 AM (NZT) The NZD backed off from yesterday's fresh post float highs in offshore trade as demonstrably weaker Fonterra diary auction results were released. General pricing was 6.7% weaker on the month, and this added to the mild "risk off" flavour to markets offshore. Not helping the New Zealand dollar was the Moody's downgrade of the Portuguese credit rating to junk status of Ba2. Peripheral Euro-zone member debt was weaker across the board as last week's euphoria quickly wears off.

With little on the economic calender today, expect markets to tread water ahead of the larger data later on it the week.

    Last 24 hours trade
  Current level Low High
NZD/USD 0.8252 0.8234 0.8326
AUD/USD 1.0689 1.0665 1.0747
NZD/AUD 0.7720 0.7711 0.7761
AUD/NZD 1.2953 1.2910 1.2968
NZD/GBP 0.5138 0.5130 0.5176
NZD/EUR 0.5721 0.5711 0.5734
NZD/YEN 66.90 66.78 67.34
NZD/CAD 0.7951 0.7934 0.8018
 

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