NZ dollar heads for 2.4% weekly decline as milk price slump stokes rate cut calls

Fri, 17 Jul 2015

By Paul McBeth July 17 (BusinessDesk) - The New Zealand dollar is heading for a 2.4 percent drop against the greenback this week after a slump in milk powder prices this week fuelled calls for the Reserve Bank to cut interest rates more aggressively to prop up the country's biggest export sector. The kiwi fell to 65.37 US cents at 5pm in Wellington from 71.29 cents on Friday in New York last week, and was up from 65.09 cents at 8am and 65.17 cents yesterday. The trade-weighted index is heading for a 2.7 percent weekly slide, and was at 69...

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