NZ dollar drops after Fonterra cuts payout forecast more than expected

Tue, 29 Jul 2014

By Jonathan Underhill July 29 (BusinessDesk) - The New Zealand dollar fell to the lowest level in almost seven weeks after Fonterra Cooperative Group cut its forecast 2015 milk payout more than some economists had expected, suggesting a bigger impact on the New Zealand economy. The Fonterra, the world's largest exporter of dairy products and New Zealand's biggest company, lowered its forecast Farmgate Milk Price for the 2014/2015 season to $6 per kilogram of milk solids from an earlier estimate of $7/kgMS. Prices of dairy products fell...

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