NZ dollar falls to fresh five-year low after dairy prices drop at auction

Wed, 15 Jul 2015

By Tina Morrison July 16 (BusinessDesk) - The New Zealand dollar fell to a fresh five-year low after whole milk powder, the country's key commodity export, dropped more than expected in the GlobalDairyTrade auction overnight. The kiwi touched 65.81 US cents, and was trading at 65.92 cents at 8am in Wellington, from 67.05 cents at 5pm yesterday. The trade-weighted index sank to 70.01 from 70.88 yesterday. The New Zealand dollar dropped sharply after dairy product prices sank an average 10.7 percent to a six-year low in the GDT auction,...

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