NZ dollar drops to four-year low on concern low Fonterra payout will dent economy

Thu, 28 May 2015

By Tina Morrison May 29 (BusinessDesk) - The New Zealand dollar dropped to its lowest in more than four years on concern about the outlook for the economy after Fonterra Cooperative Group yesterday announced a low payout to dairy farmers. The kiwi touched 71.27 US cents, its lowest since March 2011, and was trading at 71.74 cents at 8am in Wellington, from 72.42 cents at 5pm yesterday. The trade-weighted index fell to 75.26 from 75.92 yesterday. Fonterra yesterday cut its forecast payout to farmers for this season by 10 cents to $4.40...

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