NZ dollar pares gain after Fonterra cuts forecast payout; RBNZ looms

Wed, 10 Dec 2014

By Paul McBeth Dec. 10 (BusinessDesk) - The New Zealand dollar pared its gain after Fonterra Cooperative Group cut its forecast payout to farmers, and ahead of tomorrow's Reserve Bank meeting, where the central bank is expected to cut its track for future interest rate hikes. The kiwi fell to 76.80 US cents at 5pm in Wellington from 77.15 cents at 8am, paring its gain from 76.21 cents yesterday. The trade-weighted index increased to 77.44 from 77.20 yesterday. Fonterra cut its forecast payout by 60 cents to $4.70 per kilogram of milk s...

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