NZ dollar drops after RBNZ adopts easing bias, Fonterra cuts forecast payout

Thu, 28 Jan 2016

By Paul McBeth Jan. 28 (BusinessDesk) - The New Zealand dollar fell as the Reserve Bank adopted a bias towards lower interest rates with cheap fuel keeping a lid on inflation and Fonterra Cooperative Group reducing its forecast payout to farmers on dismal dairy prices. The kiwi dropped to 64.44 US cents at 5pm in Wellington from 65.18 cents at 8am and 64.77 cents yesterday. The trade-weighted index declined to 70.91 from 71.29 yesterday. Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.5 percent, while saying fur...

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