Milk powder and NZDUSD

tar

Legendary member
10,443 1,313
Thought to share this story today from RS :

"TIME: 1534BST/1034EDT, 1539BST/1039EDT NEWS: Whole Milk Power prices falls 11.5% in GDT auction. However, this headline was then subject to a newswire correction which actually revealed a 3.4% increase in Whole Milk Powder prices

REACTION: In an immediate reaction to the original (incorrect) headline NZD/USD fell 27 pips from 0.8449 to 0.8422. However, when the corrected headline was ran, the pair fully pared this move to return back to pre-announced levels ... "
 
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Sigma-D

Established member
648 62
I got stuffed on a couple of NZD trades at this time because of the spike (or what passes for a spike these days).

What the hell has milk powder got to do with either US or NZ?
 

Sigma-D

Established member
648 62
Thanks for that.

Even had I known of the size and nature of one of NZ's most important exports, it wouldn't have protected me from delinquent data.

So how does it work? All the sheep come off the meadows at the end of the day and go to work in the milk powder factory or what?
 

fxstrategist

Established member
603 16
Dairy Products

Dairy Products are very important for the New Zealand economy. If prices on milk go down, then the Kiwi tends to falter as well.
 
 
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