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NZD/USD dips further as Fonterra cuts milk payout forecast

FXStreet (Bali) - NZD/USD is falling in post NY trading, following an announcement by Fonterra to cut forecast milk payout to NZ$5.30/kg, also raising the 2014/15 dividend forecast.

The news resulted on a new marginal low printed at 0.8042, on the back of further downward pressure for the Kiwi in earlier hours of Tuesday, when a timid bounce was well capped by 0.8150 before taking a hit.

Technically, a break below the 0.8050 low would represent a major bearish development, as the level holds important weigh as per the low printed late January this year. Next supported comes at 0.80 area.

Stocks end lower in Wall Street

Equities in the US finished Tuesday in negative territory. The Dow Jones finished at 17,056, down 0.68% , the Nasdaq retreated 0.41% and the S&P 500 fell 0.57%, posting the third loss in a row.
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Risks biased toward a further decline in AUD - RBS

RBS notes that AUD faces the risks of further declines as macro-prudential measures by the RBA may be considered.
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