NEW YORK: The New Zealand dollar has slipped against the Australian dollar and the yen ahead of the latest GlobalDairyTrade auction, on speculation prices will fall for a second straight sale.
THE kiwi fell to 97.87 Australian cents as at 5pm in Wellington, from 98.09 cents on Tuesday, retreating from the post-float high of 98.43 cents earlier this week.
The kiwi fell to 89.35 yen from 89.94 yen, and traded at 74.76 US cents from 74.79 cents on Tuesday.
Dairy futures have declined on the NZX since Fonterra said last month it will increase the amount of product it offers through the GDT platform, suggesting prices will fall in the auction.
Prices surged in February on speculation dry weather would reduce milk supplies this season but have since reversed as rain returned to some regions.
“At the last auction on March 17th, dairy prices dropped 8.8 per cent, sending the New Zealand
