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Fonterra storm hits kiwi dollar

From stuff.co.nz

The New Zealand dollar has fallen against the greenback as markets lose trust in the "New Zealand brand" following Fonterra's international food safety storm during the weekend, a broker says. Dairy giant Fonterra has been at the centre of international action over food safety since announcing that a raw ingredient - a concentrated whey product - in some baby formula could contain a bacteria linked to botulism. The kiwi opened 1 cent lower than its Friday close against the US dollar and is trading down against the aussie. The New Zealand dollar was trading at US77.13c this morning, and A86.68c. The ... (full story)

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