17 Nov 2015
GDT index drops 7.9%, NZD/USD generally steady
FXStreet (Mumbai) - The NZD/USD shed a few pips, but appears steady, slightly above the daily low of 0.6452 after the decline in the GDT price index was larger than expected.
Milk priced dropped 11%
The latest Fonterra GlobalDairyTrade (GDT) auction resulted in a 7.9% drop in prices, marking a third consecutive decline in prices. Milk prices also dropped 11%.
The Kiwi dropped to 0.6458, but has quickly regained poised to trade near 0.6480 levels. The US industrial production contracted 0.2% in October as opposed to the expected to 0.1% from September’s 0.25 fall and that appears to have put a floor under the Kiwi for now.
NZD/USD Technical Levels
The immediate resistance is seen at 0.65, above which the pair could test 0.6546 (50-DMA) and 0.6553 (100-DMA). On the other side, support is seen at 0.6446 (Sep 17 high) and 0.64 levels.
Milk priced dropped 11%
The latest Fonterra GlobalDairyTrade (GDT) auction resulted in a 7.9% drop in prices, marking a third consecutive decline in prices. Milk prices also dropped 11%.
The Kiwi dropped to 0.6458, but has quickly regained poised to trade near 0.6480 levels. The US industrial production contracted 0.2% in October as opposed to the expected to 0.1% from September’s 0.25 fall and that appears to have put a floor under the Kiwi for now.
NZD/USD Technical Levels
The immediate resistance is seen at 0.65, above which the pair could test 0.6546 (50-DMA) and 0.6553 (100-DMA). On the other side, support is seen at 0.6446 (Sep 17 high) and 0.64 levels.