The kiwi dipped below US65c for the first time in six years as better than expected US data revived optimism.

DairyNZ says New Zealand milk production is expected to fall by 2 or 3 per cent this season as farmers focus on improving the efficiency of their farming systems.

Whole milk powder prices have dropped to their lowest level since 2008, putting more downward pressure on Fonterra's farmgate milk price forecast and reinforcing the market view that the Reserve Bank will cut interest rates twice this year to partly compe

Whole milk powder prices - key to determining Fonterra's farmgate mik price, dropped by 10.3 per cent overnight.

Fonterra chairman John Wilson's verbal sharp-shooting skills were put to good effect at the Trans Pacific Partnership (TPP) ministerial negotiations in Maui.

The kiwi was hit by a double whammy as dairy prices fell and a report stoked speculation the Fed would hike interest rates.

If we are going to continue down the TPP path then we need to have confidence that it is not taking us in the wrong direction, writes Peter Whitmore.

The ANZ Commodity Price Index for July fell 11.2 per cent to the lowest level since October 2009.

The decline occurred ahead of the Reserve Bank of Australia's decision on interest rates today.

Weak data on US employment costs prompted traders to pull back expectations for US interest rate hikes.

Should we be dismayed or relieved at the disarray the Trans-Pacific Partnership negotiations are in? Sorry, but on the information to hand it is impossible to say.

Can't afford medicine? Don't get sick, losers. That's the message our tough love government is sending us, writes Paul Little.

The TPPA is not dead, with Trade Minister Tim Groser saying he's "extremely confident" a deal will be reached, but no new date has been set for all countries to meet again.

"This is about getting the best possible deal for New Zealand, not a deal at any cost," said Trade Minister Tim Groser.

A legal challenge will be lodged in the High Court next week over the secrecy around the Trans Pacific Partnership negotiations.

"We haven't seen enough, and this is not something we can sell at home, " said Mike Petersen, New Zealand's special trade envoy for agriculture.

We don't need to know what's in the TPP - the government themselves barely know, as they change their story by the day, writes Dita De Boni.

In simple terms it appears that NZ will need to pay more for our medicines in return for the possibility of greater access for our agricultural products to the other countries, writes Peter Lyons.

The dollar fell as the prospect of more easing by the Reserve Bank dented the appeal of the kiwi.

A gold-standard free trade agreement, so long the Government's goal for the Trans-Pacific Partnership, is not going to eventuate.

As the 12-nation trade deal negotiations enter the final stretch, Mr Key said New Zealand was gaining some support on its demands for the dairy industry.

The dollar has rallied after what the markets perceived as a more optimistic view of the economy from Reserve Bank Governor Graeme Wheeler.

The dollar rose on speculation Wheeler may soften his language about an easing bias, and after stocks rebounded.

Playing the TPP soft cop cannot be allowed to blind Groser and his senior negotiators to NZ's own interests.

The Labour Party says the undermining of Pharmac in the Trans Pacific Partnership breaches one of its bottom lines on the trade deal.

John Key admits downside to Trans Pacific Partnership but says this is unlikely to affect consumers.