NZ dollar drops as weak dairy auction spurs speculation on rate hikes

Wed, 02 Apr 2014

By Paul McBeth April 2 (BusinessDesk) - The New Zealand dollar fell after weaker prices at the Fonterra Cooperative Group’s online auction spurred speculation the Reserve Bank may not hike interest rates as aggressively as anticipated this year. The kiwi dropped to 86.01 US cents at 5pm in Wellington from 86.47 cents at 8am and 86.72 cents yesterday. The trade-weighted index declined to 80.38 from 80.94 yesterday. Dairy prices dropped 8.9 percent at today’s GlobalDairyTrade auction to US$4,124 a tonne on a trade-weighted basis, the fourth...

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