The New Zealand dollar fell to a one-year low on Tuesday, taking out a significant technical level. The pound was the best performer as real money continues to return while the commodity bloc suffered. The calendar is light in Asia. Premium subscribers were alerted 1 hr ahead of the Fonterra announcement to watch the 2 GBPNZD longs, 1 of which hit its final 2.0380 target for 350 pips and the other currently netting 180 pips and in progress.
The New Zealand dollar twice briefly slipped below the March low to a one-year low after a swift slide in US trading. The 0.8050 zone of support is key. The second foray lower came after Fonterra cuts its milk price forecast but later the kiwi bounced to 0.8070.