New Zealand: GDT Price Index declines by 1.7%

• GDT Price Index arrives at -1.7% following the bi-weekly auction.
• NZD/USD pulled away from highs after the data but stays in the positive territory.

The bi-weekly Global Dairy Trade auction in New Zealand yielded a 1.7% decline in the GDT Price Index on Tuesday after falling by 5.1% in the previous auction. Additionally, the Whole Milk Powder Price Index decreased by 2.2%. 

Market reaction

The NZD/USD pair spent the first half of the day moving sideways in a tight range near mid-0.6550s but gained traction in the early American session. After advancing to a fresh six-day high of 0.6604 amid the heavy selling pressure surrounding the greenback, the pair retreated modestly on GDT data and was last seen gaining 0.42% on the day at 0.6585.