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23 Sep 2014
NZD/USD dips further as Fonterra cuts milk payout forecast
FXStreet (Bali) - NZD/USD is falling in post NY trading, following an announcement by Fonterra to cut forecast milk payout to NZ$5.30/kg, also raising the 2014/15 dividend forecast.
The news resulted on a new marginal low printed at 0.8042, on the back of further downward pressure for the Kiwi in earlier hours of Tuesday, when a timid bounce was well capped by 0.8150 before taking a hit.
Technically, a break below the 0.8050 low would represent a major bearish development, as the level holds important weigh as per the low printed late January this year. Next supported comes at 0.80 area.
The news resulted on a new marginal low printed at 0.8042, on the back of further downward pressure for the Kiwi in earlier hours of Tuesday, when a timid bounce was well capped by 0.8150 before taking a hit.
Technically, a break below the 0.8050 low would represent a major bearish development, as the level holds important weigh as per the low printed late January this year. Next supported comes at 0.80 area.