NZ dollar declines as falling milk prices put auction in focus

Mon, 18 Aug 2014

By Paul McBeth Aug. 19 (BusinessDesk) - The New Zealand dollar fell as increased focus on the upcoming Fonterra Cooperative Group online dairy auction keeps the local currency under pressure. The kiwi fell to 84.73 US cents from 84.98 cents yesterday. The trade-weighted index declined to 79.49 from 79.62. Investors are awaiting the GlobalDairyTrade's event on Tuesday in the US for another gauge on the strength of New Zealand's biggest export commodity, which has underpinned the economic recovery in the past 18 months. Whole milk powder...

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