New Zealand’s central bank gave notice that continued currency strength in the face of weakening prices for the country’s exports would raise the chances of intervention, prompting a decline in the kiwi.
New Zealand, the world’s third- largest kiwifruit producer, has placed entry restrictions on a North Island orchard to avoid the spread of a possible vine infection pending further testing. The local currency fell.
New Zealanders reported little damage after the North Island was shaken late yesterday by the largest earthquake since the first of a series of devastating temblors that struck Christchurch in late 2010.
New Zealand, the world’s largest dairy exporter, may receive near-normal rainfall through June, potentially easing the most widespread drought in at least 30 years that’s driven milk-powder prices to a record.
New Zealand is experiencing its most widespread drought in at least 30 years, the government said today, as dry conditions across the North Island threaten economic growth and cause global milk prices to rise.