New Zealand Fonterra dairy prices +14.8 vs -9.3% prior

Dairy auction results from Fonterra:

• Average selling price vs $1815 prior
• The GDT index hadn't risen since March
• Whole milk powder +19.1% to $1856
• Prior milk powder $1590
• Full results

The New Zealand dollar was hit hard last week as S&P placed Fonterra on creditwatch negative.

I wrote earlier about the potential for a strong auction.

NZD/USD jumped to 0.6599 on the results but has faded back to 0.6585.