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NZD/USD: growth of dairy prices consolidated the NZ currency on 04.02.2015

The NZD/USD followed a sideways trend on Tuesday. Quotes skidded to a 4-year low at 0.7176 before noon after the Bank of Australia decided to lower the interest rate. Then, the NZ dollar clawed back losses. A regular growth of dairy prices contributed to the growth of quotes. According to Global Dairy Trade, the dairy prices grew 9.4% in the last 2 weeks, and have been generally growing for 8 weeks. On the other hand, US negative data put pressure on the American currency. The production orders volume reduced 3.4% in December, which is more than expected. 

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