Dairy and the kiwi: does it still matter?

Dairy was once the kiwi's defining export story, with auction results moving NZD. The relationship has faded as services and rates took over.

Dairy and the kiwi: does it still matter? — central bank rate path diagram
A central bank's policy rate path across recent meetings

Kiwis traders:

  • whether you still follow dairy auctions
  • what replaced dairy in your NZD framework
  • how the RBNZ's path dominates now
Dairy and the kiwi: does it still matter? — risk-reward diagram
A risk-reward ratio of 1 to 2

Background: commodity currencies.

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