CORRECT: NZ dollar gains as dairy prices rise in latest GDT auction, sapping rate cut expectations

Tue, 06 Oct 2015

(Fixes WMP price in 3rd graph) By Paul McBeth Oct. 7 (BusinessDesk) - The New Zealand dollar gained after dairy prices rose at the latest GlobalDairyTrade auction, soothing concerns about the local economy and eroding expectations the Reserve Bank will cut interest rates this month. The kiwi rose to 65.41 US cents at 8am in Wellington form 64.99 cents yesterday. The trade-weighted index advanced to 70.77 from 70.51 yesterday. Prices for whole milk powder, New Zealand biggest dairy export, rose 13 percent to US$2,824 a tonne at Fonte...

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