NZ dollar slides as Fonterra food scare puts exports at risk

Mon, 05 Aug 2013

Aug 5 (BusinessDesk) - The New Zealand dollar fell to a one month low as concerns over contamination in Fonterra Cooperative Group dairy product sparked fears over the country’s biggest export commodity. The kiwi fell as low as 76.99 US cents, trading at 77.71 cents at 5pm in Wellington from 77.15 cents at 8am and 78.87 cents on Friday in New York. The trade-weighted index dropped to 73.81 at 5pm from 75.16 on Friday last week. Investors sold the kiwi after Fonterra, the country’s biggest company, said it had found bacteria which can cause...

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