NZ dollar falls as greenback rises to 14-year after Yellen testimony; Fonterra hikes forecast

NZ dollar falls as greenback rises to 14-year after Yellen testimony; Fonterra hikes forecast
Jonathan Underhill
By Jonathan Underhill Nov. 18 (BusinessDesk) - The New Zealand dollar fell against a resurgent greenback after Federal Reserve chair Janet Yellen said the case has grown for a hike in US interest rates. The local currency fell to 70.24 US cents as at 8am in Wellington, having earlier dipped as low as 70.09 cents, from 70.98 cents late yesterday. The trade-weighted index fell to 77.14 from 77.62. In prepared remarks for Congress’s Joint Economic Committee, Yellen said that at the Fed's policy meeting this month it "judged that the case...