NZ dollar falls to 3-month low after dairy prices drop in Fonterra auction

Tue, 03 Jun 2014

By Tina Morrison Jun. 4 (BusinessDesk) - The New Zealand dollar touched a fresh three-month low following a drop in dairy prices at Fonterra Cooperative Group's latest GlobalDairyTrade auction, making it the worst performing major currency overnight. The kiwi touched 84.15 US cents, its lowest since March 6, and was trading at 84.27 cents at 8am in Wellington, from 84.59 cents at 5pm yesterday. The trade-weighted index weakened to 78.78 from 79.10 yesterday. Dairy product prices slid 4.2 percent to the lowest level since February 2013...

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