NZ dollar eases on technical factors, buoyed by higher dairy prices

By Jenny Ruth | Wed, 20 Nov 2019


The New Zealand dollar fell slightly after failing to break through technical resistance after the fifth successive increase in the main Global Dairy Trade auction price. The kiwi was trading at 64.18 US cents at 5pm in Wellington from 64.26 at 8am while the trade-weighted index was at 70.97 points from 70.99. "We had a little attempt up to 64.35 this morning but it hasn't backed off that far" because the market is structurally short kiwi dollars, says Tim Kelleher, head of foreign exchange sales at Commonwealth Bank of Australia. The...