The value of the New Zealand dollar fell down against all of its 16 major counterparts as a result of the fall in the milk powder prices and the fall in the export of the milk products. Milk product export is one of the key export products of the country.
This fact came in to light after the Fonterra Cooperative Group Ltd of Auckland declared that the milk powder delivery for the month of December had dropped down to two months low. Meanwhile the Australian dollar traded at a two years high level as the gains in the stocks and commodities supported demand for the growth sensitive currencies.
The recovery in the economic conditions of New Zealand has been benefitted so much from the diary product exports.
The dollar of New Zealand dropped down to 74.61 US cents from 74.93 cents in New York yesterday.
The currency dropped down to 62.08 yen from 62.36 yen on yesterday making it the lowest level since the month of November in 2009. The Australian dollars also traded at 96.96 US cents down from 97.17 cents on that day.
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