Recent NZD/USD price action has done little to change our view (propounded most recently. Last week’s Fonterra botulism scare continues to occupy the attention of the nation’s media. But as far as currency markets are concerned, it’s old news. Any NZD impact from here will depend on the damage wrought on a) future dairy exports and b) the reputation of NZ’s dairy sector. We suspect neither will be of a magnitude large enough to matter.
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