NZ dollar slips as Key says kiwi over-valued, Fonterra forecast looms

Mon, 28 Jul 2014

By Jonathan Underhill July 28 (BusinessDesk) - The kiwi fell to 85.31 US cents at 5pm in Wellington, from 85.63 cents at 8am and from 85.51 cents on Friday in New York. The trade-weighted index fell to 79.66 from 79.94 at the New York close. Economists at ASB expect Fonterra to revise down its milk price payout for the 2014/15 season to about $6.20 per kilogram of milk solids, from its initial estimate of $7/kgMS. Falling prices of dairy products are expected to contribute to a sharp decline in the nation's terms of trade from a 40-ye...

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