NZ dollar falls on weak dairy auction, stronger greenback

Tue, 02 Dec 2014

By Tina Morrison Dec. 3 (BusinessDesk) - The New Zealand dollar fell after prices for the nation's largest commodity export declined in the latest GlobalDairyTrade auction overnight. The kiwi weakened to 77.91 US cents at 8am in Wellington, from 78.76 cents at 5pm yesterday. The trade-weighted index dropped to 78.25 from 78.71 yesterday. Dairy product prices slipped to a fresh five-year low in the latest fortnightly auction, because of a drop in whole milk powder. The GDT average winning price slid 1.1 percent to US$2,513, the lowest l...

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