NZ dollar falls to 5 1/2 week low as traders bet on weaker dairy prices

Tue, 17 Nov 2015

By Paul McBeth Nov. 17 (BusinessDesk) - The New Zealand dollar fell to a five-and-a-half week low as traders bet milk product prices will fall at the upcoming GlobalDairyTrade auction, which would add pressure to the Reserve Bank of New Zealand to cut interest rates when it reviews policy next month. The kiwi dropped to 64.58 US cents at 5pm in Wellington from 64.92 cents at 8am and 65.27 cents yesterday. The trade-weighted index declined to 70.64 from 71.27 yesterday. The local currency extended its decline as pricing on the NZX milk...

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