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The Opening Bell: Where currencies start on Wednesday, November 8, 2017
The NZDUSD opens at 0.6901 (mid-rate) this morning. The NZD which has been trading between 0.6850 and 0.6950 against the USD for the past week, and yesterday attempted to break through the topside during our afternoon trading session, suffered a sharp fall back to 0.6900 following a third consecutive fall in global dairy prices. The latest Global Dairy Trade (GDT) auction resulted in the index’s largest fall since January when the index fell by 3.9%. This morning’s overall price index fell by 3.5% following on from a 1% fall on October 17 and 2.4% decrease in prices on October 3. Whole milk powder (WMP) suffered ... (full story)