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ANZ Commodity Price Index: NZD windfall
The ANZ Commodity Price Index dipped 0.3% m/m in October (+10% y/y). ANZ Senior Economist Phil Borkin said, "The fall was largely attributable to the dairy group, where all components fell. All other major groups lifted although there were differences at the subcomponent level." "Importantly, local exporters received a further boost as the NZD continued its descent. The NZD price index was up 2.5% m/m (14% y/y) as the NZD TWI fell to its lowest level in over a year." In terms of the sector specifics: - Dairy prices were 3.1% m/m softer courtesy of rising milk supply in the US and Europe. Butter prices fell 6.5% as ... (full story)