NZ dollar hits fresh five-year low after dairy prices sink on GlobalDairyTrade auction

Wed, 01 Jul 2015

By Tina Morrison July 2 (BusinessDesk) - The New Zealand dollar touched a fresh five-year low after dairy prices fell to a six-year low in the GlobalDairyTrade auction overnight, paced by whole milk powder, the nation's key export commodity. The kiwi touched 67.27 US cents and was trading at 67.41 cents at 8am in Wellington, from 67.95 cents at 5pm yesterday. The trade-weighted index dropped to 70.73 from 70.99 yesterday. The GDT average winning price dropped 5.9 percent, while whole milk powder sank 10.8 percent. Weaker dairy prices a...

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