NZ dollar falls to year-low on commodity currency weakness, lower dairy payout

Tue, 23 Sep 2014

By Tina Morrison Sept. 24 (BusinessDesk) - The New Zealand dollar fell to a year low as it declined along with other commodity currencies on concern about slowing growth in China and cemented that low after Fonterra Cooperative Group cut its forecast payout to farmers. The kiwi fell to 80.40 US cents after Fonterra's 8.30am announcement, its lowest since September last year. The dairy exporter cut the 2015 forecast payout to $5.30 per kilogram of milk solids from a previous forecast of $6/kgMS. The local currency was trading at 80.67 cent...

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