China Destroys Milk Powder, NZ Dollar Suffers

The New Zealand dollar retreated today on the news that China destroyed some imported milk powder. Milk products are one of the major New Zealand’s exports.

There are reports that China’s quarantine administration destroyed three brands of milk powder. It is not yet clear how this will affect New Zealand’s exports and some experts say that the impact will temporary if any. China replaced Australia as New Zealand’s biggest trading partner in December for the first time in history.

NZD/USD fell from 0.8446 to 0.8436 (the intraday low was at 0.8402) and NZD/JPY ticked down from 79.37 to 78.90.

If you have any questions, comments or opinions regarding the New Zealand Dollar,
feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *