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NZD/USD: Holding 0.77 for now, recovers Fonterra-driven losses

FXStreet (Bali) - NZD/USD has managed to recover early losses, to currently trade at 0.7756 from a 0.7714 low.

News that Sri Lanka has temporarily halted some Fonterra product sales after some consumers felt sick post consumption, according to a Reuters report, was the main driver in early NZD sales seen in Asia.

Technically, the pair is testing an area of strong demand at 0.77-0.7750, but note that with USD strengthening across the board, and the Kiwi being recently one of the worst performers on the back of RBNZ intervention and the collapse in dairy prices, the prospects to see major bounces off the 0.77 level don't look that great.

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