The New Zealand dollar climbed today after Fonterra Cooperative Group Ltd., the world’s biggest dairy exporter, maintained its milk-price forecast on expectations that China will increase imports.
China reduced its purchases of dairy products after building up inventories, making Fonterra cut its forecast previously. Many analysts had expected another cut today and were relieved to see that the forecast remained unchanged as the group expects China to boost dairy imports. Milk products account for almost a third of the Australia’s exports.
NZD/USD climbed from 0.8330 to 0.8369, and NZD/JPY advanced from 86.69 to 86.95 as of 12:06 GMT today.
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