FXStreet (Bali) – The Kiwi saw an initial decline towards 0.72 handle in thin market conditions post NY close, only for price to get snapped back up over 60 pips to presently stay around 0.7265, key intraday resistance.
The Kiwi fell as the co-operative reduced its forecast Farmgate Milk Price for the 2014-15 season to $4.40 per kg/ms, down from its previously announced forecast dividend range of 20-30 cents per share. However, the announcement of an opening forecast farmgate milk price of $5.25 per kilogram of milk solids for the 2015-16 season, higher than expected, acted as catalyst for the bounce.
(Market News Provided by FXstreet)