NZ dollar heads for 0.8% weekly decline after Fonterra cuts payout, US GDP beats expectations

Fri, 01 Aug 2014

By Tina Morrison Aug. 1 (BusinessDesk) - The New Zealand dollar is headed for a 0.8 percent weekly decline as more buoyant US data bolstered demand for the greenback and kiwi sentiment was dented by Fonterra Cooperative Group cutting its forecast payout and speculation that the central bank will make good on hints it will intervene in the currency market. The kiwi slid to 84.95 US cents at 5pm in Wellington, from 85.60 cents at 8am on Monday and at levels above 88 cents last month. The trade-weighted index weakened to 79.71 from 79.90 on...

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