NZ dollar drifts lower on sour milk auction, Fed views

Wed, 08 Mar 2017

By Rebecca Howard March 8 (BusinessDesk) - The New Zealand dollar drifted lower on a trade-weighed index basis after a tumble in global dairy prices weighed on sentiment. The trade-weighted index fell to 76.18 as at 5 pm versus 76.63 late yesterday. The kiwi dollar fell to 69.63 US cents from 70.06 cents. In the overnight GlobalDairyTrade auction, the GDT price index slid 6.3 percent from the previous auction two weeks ago to US$3,512 and whole milk powder sank 12.4 percent to US$2,782 a tonne. Adding to the negative sentiment, fourth...

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