The Bank of New Zealand (BNZ) has increased its milk forecast for 2020-21 to NZD7.70/kg milk solids (ms) vs. the previous NZD7.40/kg ms, per Reuters. The move came after the latest New Zealand GDT Price Index figures rallied to the highest since September 2015 while flashing a 15.0% mark in its latest reading versus 3.0% prior on Tuesday. Further details suggest the average prices of the Whole Milk Powder (WMP) rose to the seven-year top of $4,364/MT on Tuesday. It should also be noted that the Australia and New Zealand Banking Group (ANZ) has earlier cited a reduction in the volumes sold while suggesting NZD7.20/kg MS and NZD6.40/kg MS for the current and next season respectively. Market implications Although the news offered a bounce to the NZD/USD prices from an intraday low of 0.7236 to 0.7243, the overall risk-off mood, mainly due to rising Treasury yields, keep bears hopeful. Read: NZD/USD Price Analysis: Rebound from intraday low stays doubtful unless crossing 0.7310 FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Dogecoin Price Forecast: DOGE’s 50% lift-off delayed due to lack of volatility FX Street 1 year The Bank of New Zealand (BNZ) has increased its milk forecast for 2020-21 to NZD7.70/kg milk solids (ms) vs. the previous NZD7.40/kg ms, per Reuters. The move came after the latest New Zealand GDT Price Index figures rallied to the highest since September 2015 while flashing a 15.0% mark in its latest reading versus 3.0% prior on Tuesday. Further details suggest the average prices of the Whole Milk Powder (WMP) rose to the seven-year top of $4,364/MT on Tuesday. It should also be noted that the Australia and New Zealand Banking Group (ANZ) has earlier cited a reduction in the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
