NZ dollar drops below 67 US cts as plunging milk price stokes rate cut calls

Thu, 02 Jul 2015

By Paul McBeth July 2 (BusinessDesk) - The New Zealand dollar dropped below 67 US cents for the first time in almost five years after a plunging milk price stoked calls for the Reserve Bank to cut interest rates more aggressively than previously anticipated. The kiwi fell as low as 66.95 US cents, trading at 67.01 cents at 5pm in Wellington from 67.41 cents at 8am and 67.95 cents yesterday. The trade-weighted index dropped to 70.10 from 70.99 yesterday. Prices at the GlobalDairyTrade auction fell to a new six-year low, stoking concern...

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