Debt ceiling lifted, but worry continues.
Currency – NZD/USD highly volatile - lifting to all-time high of $0.8843, and then briefly falling below $0.8000.
Dairy – Fonterra reaffirmed 2012 payout at $7.15-$7.25/kgms range. However, prices need to rise in our view.
Lamb – NZ schedule still holding up well, despite some international pressure. Lamb should achieve $110/hd.
Report prepared by: James Shortall ASB Rural Economist Phone: +64 9 337 4263
