Kiwi loses ground against aussie & sterling

The New Zealand dollar lost ground against the aussie and sterling yesterday, as investors largely focused on the New Zealand government budget due on Thursday.

• However, the kiwi recovered ground sharply against the pound overnight, after the National Bank of New Zealand's monthly survey of business confidence showed that confidence is up across all business segments.
  
• But the New Zealand dollar’s gains were cut short after dairy giant Fonterra cut its forecast for milk prices, bad news for the dairy sector in New Zealand.