FXStreet (Bali) – Sean Callow, FX Strategist at Westpac, gives a heads up about today’s Fonterra announcement on its projections update for 2014/15 and 2015/16 milk payouts.
Key Quotes
“Fonterra is due to update its projections of 2014/15 and 2015/16 milk payouts to NZ farmers, with reports the headlines will hit around 1pm Syd/11am Sing/HK.”
“The current year forecast should be lowered sharply from NZD5.25/kg. Westpac’s forecast is NZD3.70 but that is a forecast of the final result, not of Fonterra’s number today. NZD should be priced for a sharp downgrade.”
(Market News Provided by FXstreet)