NZ dollar falls as Fonterra cuts forecast payout, risk sentiment dims

Tue, 08 Mar 2016

By Paul McBeth March 8 (BusinessDesk) - The New Zealand dollar fell after Fonterra Cooperative Group cut its forecast payout to dairy farmers citing global oversupply, and as other commodity prices and equity markets dropped on waning appetite for risk-sensitive assets. The kiwi declined to 67.69 US cents at 5pm in Wellington from 67.95 cents at 8am and 67.96 cents yesterday. The trade-weighted index dropped to 72.75 from 73.09 yesterday. Fonterra trimmed 25 cents from its forecast payout for the current season to $3.90 per kilogram...

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