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Asian Session: Milk Prices Gives NZD a Boost

08/05/09 by Daily Forex Snapshots  
Filed under Forex & Futures

   

G10 Advancers and Decliners vs USD JPY 0.43 GBP -0.23 EUR -0.31 CHF -0.39

Risky assets held on to recent gains, as equity markets closed almost flat and today is much the same. We believe traders are in a "hold pattern" ahead of tomorrow’s ECB and BoE meetings and Friday’s US NFP. Fonterra’s, New Zealand’s largest dairy cooperative and exporter, said improved demand (online auction) boosted powder milk prices 26%, which helped boost NZDUSD and sink AUDNZD….

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