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5 Aug 2013
NZD/USD collapses on NZ export contamination
FXstreet.com (New York) - The NZD/USD foreign exchange rate was hammered Monday morning following less than inspiring news out of New Zealand, regarding a contamination.
New Zealand recently reported that China suspended imports of milk powders from Fonterra Cooperative Group Ltd. – the world’s largest dairy exporter, shortly after the company warned of a contaminated ingredient used in products from baby formula to sports drinks. “We understand that China has suspended imports of all whey protein and milk-based powder sourced from Fonterra, whether exported from New Zealand or Australia,” the Ministry for Primary Industries released e-mailed statement in Wellington yesterday.
NZD/USD technical bias
The NZD/USD collapsed to the 0.7764 level during Asian trading Monday, steadfastly opening up greater losses to start the trading week. Briefing the technicals, the NZD/USD will look to test support at 0.7766 (July 4 low), ahead of 0.7741 (July 15 low) and 0.7710 (July 3 low).
New Zealand recently reported that China suspended imports of milk powders from Fonterra Cooperative Group Ltd. – the world’s largest dairy exporter, shortly after the company warned of a contaminated ingredient used in products from baby formula to sports drinks. “We understand that China has suspended imports of all whey protein and milk-based powder sourced from Fonterra, whether exported from New Zealand or Australia,” the Ministry for Primary Industries released e-mailed statement in Wellington yesterday.
NZD/USD technical bias
The NZD/USD collapsed to the 0.7764 level during Asian trading Monday, steadfastly opening up greater losses to start the trading week. Briefing the technicals, the NZD/USD will look to test support at 0.7766 (July 4 low), ahead of 0.7741 (July 15 low) and 0.7710 (July 3 low).