NZ dollar pares gain after prices fall to 5-year low in Fonterra's dairy auction

Wed, 01 Oct 2014

By Tina Morrison Oct. 2 (BusinessDesk) - The New Zealand dollar pared its gain after dairy product prices fell to the lowest level in more than five years in Fonterra Cooperative Group's GlobalDairyTrade auction, weighing on the outlook for the nation's largest commodity export. The kiwi was at 78.01 US cents at 8am in Wellington, from 77.77 cents at 5pm yesterday and as high as 78.60 cents ahead of the auction. The trade-weighted index was at 76.22 from 76.13 yesterday. The GDT average winning price fell 7.3 percent to US$2,599, the l...

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