NZ dollar falls after Fonterra cuts forecast payout, Japan's Abe limits slide

Wed, 24 Sep 2014

By Paul McBeth Sept. 24 (BusinessDesk) - The New Zealand dollar fell to a year-low after Fonterra Cooperative Group cut its forecast payout to farmers for the current season in the face of dwindling dairy prices. The decline was limited by reports Japanese Prime Minister Shinzo Abe is wary of weakness in the yen. The kiwi dollar fell as low as 80.40 US cents after the Fonterra announcement, trading at 80.81 cents at 5pm in Wellington, down from 81.25 cents yesterday. The trade-weighted index fell to 78.16 from 78.53 yesterday. Fonterra...

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