Declining Demand For Currencies: New Zealand Wool Market Weakness

New Zealand Wool Services International Ltd today (22) reported that the price of most types of wool in Napier's wool sales has dropped.

Since the last sale in August 14th, the exchange rate between New Zealand dollar and the US dollar has increased by 1.4%.

This coupled with depressed demand has led to a weakening of some types of wool and a decline in price than currency.

According to the New Zealand wool service international company, fine wool crosscut wool and wool over the age of sheep fell by 2%.

Standard length hybrid shearing resisted this downward trend, but increased by only 1%.

Coarse two grade shearing decreased by 2%-3%, which accounted for most of the supply.

The long lamb remained stable and the short type decreased by 2%.

The broken wool was reduced by 2%-4%, and the short type was the most affected.

Next week's southern island wool auction will be held in Christchurch in August 28th, offering an auction of 14700 bags of wool.

The sale is higher than the registered quantity, because more wool can be obtained because of improved weather conditions.