We have seen a poor week for New Zealand Dollar exchange rates this week, following a drop off in global dairy prices once again. We had already seen dairy prices decline the last time this release came out, and with the dairy industry in New Zealand already finding life tough this is not great news for the economy in New Zealand.
The RBNZ already are finding life a little tricky with soaring house prices and a huge demand for the NZD due to high interest rates. Ideally they would cut interest rates a little to weaken the New Zealand Dollar and boost exports but by doing this they open up the door for house to go even higher due to cheaper borrowing costs.
Expectations are for the New Zealand Dollar to continue to have a poor run of form this week, however tomorrow we have Non-Farm payroll data released in the U.S. This data can impact all major currencies including the New Zealand Dollar as it has an affect on global attitude to risk.
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