The New Zealand dollar fell, hit by a stronger US dollar and weaker prices at the GlobalDairyTrade auction, stoking concern about the outlook for New Zealand's largest export commodity.
The kiwi dropped to 66.91 US cents at 8am in Wellington, from 67.46 cents at 5pm yesterday. The trade-weighted index declined to 77.27 from 73.05 yesterday.
The kiwi weakened as traders favoured the greenback, betting US economic data broadly in line with expectations will prompt a hike in US interest rate hike next month. A 7.4 percent drop in average prices at the GDT auction overnight also weighed on the kiwi, as increased production from Europe and subdued demand keeps a lid on prices.
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