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New Zealand’s dairy giant, Fonterra, came out with a statement last minutes, announcing that its milk production fell 8% in the month of March.

The above headlines could turn out to be in the favor of the NZD bulls, as falling milk production to prop up the dairy prices higher, in turn boosting the local currency.

At the press time, the NZD/USD pair managed to bounce daily lows near 0.6610 levels, now recovering towards the 0.6625 region.

It’s worth noting that dairy products are New Zealand’s top exports.