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NZD: Bounced from 6-yr lows – TDS

FXStreet (Delhi) – Prashant Newnaha, Rates Strategist at TD Securities, suggests that NZD has posted the best performance today, +0.4%, bouncing off 6yr lows following the better-than-headline trade deficit and Fonterra payout upgrade.

Key Quotes

“The shock -NZ$1.050b Aug trade deficit, the widest since April 2009, did not read well at the headline level, but the details are quite encouraging. The surge in imports was due to capital good imports (planes), while non-dairy exports were buoyed by record meat and fruit at both the volume and price level.”

“In a surprise move overnight, Fonterra upgraded the current season’s payout by 75c, from $NZ4.30/kg to $NZ5.05kg (farmgate + earnings). While this is technically a pay rise compared with last season’s $NZ4.65/kg, it remains below DairyNZ’s breakeven estimate of $NZ5.40/kg.”

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