NZ dollar slips below 85 US cents to lowest in more than two months

Wed, 28 May 2014

By Tina Morrison May 29 (BusinessDesk) - The New Zealand dollar fell below 85 US cents to its lowest in more than two months as sentiment waned following a drop in business confidence and a weaker forecast payout to dairy farmers from Fonterra Cooperative Group. The kiwi touched 84.68 US cents early this morning, its lowest level since March 12 before the Reserve Bank began hiking interest on March 13. The local currency was trading at 84.95 US cents at 8am in Wellington, from 85.36 cents at 5pm yesterday. The trade-weighted index dropped...

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