BUSINESS BREAKDOWN: Kiwi slumps as Fonterra forecast stokes concerns

Thu, 28 May 2015

May 29 (BusinessDesk) - The New Zealand dollar dropped to a four-year low after investors grew wary about the country's economy after Fonterra Cooperative Group trimmed its forecast payout to farmers for the current season, and announced a fairly soft hike for 2015/16. The kiwi fell as low as 71.27 US cents, the lowest since March 2011, as investors digested a persistently low milk price for another season. Fonterra yesterday cut its forecast payout to farmers for this season by 10 cents to $4.40 per kilogram of milk solids, from a record $8...

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