NZ dollar falls below 85 US cts after Fonterra cuts payout to farmers

Tue, 29 Jul 2014

By Tina Morrison July 30 (BusinessDesk) - The New Zealand dollar dropped below 85 US cents for the first time in seven weeks after Fonterra Cooperative Group cut its forecast payout to dairy farmers and a stronger US currency saw the kiwi lose some of its allure. The kiwi fell as low as 84.90 US cents overnight and was trading at 84.96 cents at 8am in Wellington, from 85.15 cents at 5pm yesterday. The trade-weighted index fell to 79.40 from 79.52 The New Zealand dollar underperformed other major currencies overnight amid broad US dolla...

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