China Destroys Milk Powder, NZ Dollar Suffers

  February 19th, 2013 at 12:01
 50 and 100 New Zealand dollar billsThe New Zealand dollar retreated today on the news that China destroyed some imported milk powder. Milk products are one of the major New Zealand’s exports.

There are reports that China’s quarantine administration destroyed three brands of milk powder. It is not yet clear how this will affect New Zealand’s exports and some experts say that the impact will temporary if any. China replaced Australia as New Zealand’s biggest trading partner in December for the first time in history.

NZD/USD fell from 0.8446 to 0.8436 (the intraday low was at 0.8402) and NZD/JPY ticked down from 79.37 to 78.90.
China Destroys Milk Powder, NZ Dollar Suffers China Destroys Milk Powder, NZ Dollar Suffers Reviewed by Sopheap Chhin on 3:57:00 PM Rating: 5

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