The New Zealand Dollar seesawed it way through Tuesday’s day of trade, having initially opened at 0.6619, the Kiwi came under pressure touching 0.6592 on the back of NZIER Business confidence which reported a drop in the third quarter to its lowest level in nine years. The survey showed 30% of firms surveyed expected dire business conditions in NZ over the next year. The survey shows firms are worried about Government policy, labour costs and availability of labour operating margins, showing these factors were key considerations for businesses when it came to assessing general economic conditions.
The Kiwi managed to claw back losses as the day went on but unfortunately, the Greenback overshadowed and pulled the NZD back down to 0.6575 in the early European session touching a two-week low.
The Kiwi was unable to break 66c as the latest Global Dairy Trade (GDT) auction revealed the downtrend continues concluding with the GDT Price Index down 1.9% on the previous sale. The average price was US$2,901 a tonne, compared with US$2,934 a tonne two weeks ago. Some 41,981 tonnes of product was sold, up from 39,143 tonnes two weeks ago. Whole milk powder fell 1.2 % to US$2,753 a tonne.
Looking ahead today sees the release of ANZ commodity Prices.