NZ dollar drops after dairy prices decline, Fed seen hiking rates next month

Tue, 04 Aug 2015

By Tina Morrison Aug. 5 (BusinessDesk) - The New Zealand dollar dropped, hit by a double whammy as dairy prices declined further at the latest GlobalDairyTrade auction and after a report stoked speculation the Federal Reserve would hike interest rates next month. The kiwi touched a low of 65.20 US cents this morning, and was trading at 65.33 cents at 8am in Wellington, from 65.63 cents at 5pm yesterday. The trade-weighted index fell to 69.66 from 69.96 yesterday. The US dollar index, which measures the greenback against a basket of cur...

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