NZ dollar falls after Fonterra holds farmgate price; RBNZ looms

Wed, 11 Dec 2013

By Paul McBeth Dec. 11 (BusinessDesk) - The New Zealand dollar fell after dairy exporter Fonterra Cooperative Group surprised investors by keeping its forecast payout to farmers unchanged and as traders await the Reserve Bank’s policy statement, which is expected to keep interest rates at a record low. The kiwi dropped to 82.78 US cents at 5pm in Wellington from 83.11 cents at 8am, little changed from 82.91 cents yesterday. The trade-weighted index declined to 77.54 from 77.78. Fonterra kept its forecast payout to farmers at $8.30 per kilo...

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