Dairy prices rise 3.6% at GDT auction; US manufacturing contracts for first time in years; US car sales on track to reaching record highs; UST 10yr yield 2.18%; oil and gold stable; NZ$1 = 66.7 US¢, TWI-5 = 72.4

Here’s my summary of the key events overnight that affect New Zealand, with news dairy prices have risen 3.6% at the GlobalDairyTrade auction overnight.

Rising to US$2,419 per metric tonne, this is the first gain at the fortnightly auction since the beginning of October. The price of Whole Milk Powder (WMP) – New Zealand’s main export – rose by 5.3% to US$2,260. Yet a drop in the US dollar overnight means gains in New Zealand dollar terms are much more subdued at 1.9%.

AgriHQ dairy analyst Susan Kilsby says that while we have seen a solid lift in prices at this auction, the market remains weak due to the sheer volume of milk that’s being produced across the globe.

The US dollar has fallen following new data out overnight showing US manufacturing contracted in November for the first time in 36 months. The Institute for Supply Management’s national factory index fell, as the sector buckled under the weight of a strong dollar and spending cuts in the energy sector. The report shows 10 of 18 manufacturing industries reported contraction, with lower new orders, production and raw material inventories accounting for the overall softness during the month.

Yet the US economy remains on firm ground, with car sales on track to reach their highest November sales volume since 2001. Auto makers posted modest gains last month, as Black Friday deals got people buying. Car shoppers continue to drive away in larger, pricier vehicles amid low interest rates, cheap fuel and a stronger economy. Analysts say the month’s tally will indicate whether 2015 could set the all-time annual record.

In New York, the UST 10yr yield benchmark has dropped back to 2.18%.

The US benchmark oil price is unchanged at US$42/barrel, while the Brent benchmark is at US$44/barrel.

The gold price remains stable at US$1,065/oz.

The New Zealand dollar has gained nearly a cent, reaching 66.7 US¢. It’s also up to 91.2 AU¢, and at 62.9 euro cents. The TWI-5 has jumped to 72.4, its highest level in a month.

If you want to catch up with all the local changes yesterday, we have an update here.

The easiest place to stay up with event risk today is by following our Economic Calendar here ». And don’t forget to vote in the Flag Referendum.

Daily exchange rates

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for(i=0;i

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