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Dollar drops after rating cut.

Key highlights
NZD/USD tumbled to US$0.7600 following NZ’s credit rating downgrade last week.
Fonterra sets several records in 2011 season. Lower NZD provides more comfort for the 2012 season.
Season looking good for lamb producers. Short-term drop for NZD/GBP will be positive for prices.
 

 
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Report prepared by:
James Shortall ASB Rural Economist
Phone: +64 9 337 4263
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