NZ dollar climbs above 83 US cts as local dairy prices surge at Fonterra auction

Tue, 05 Mar 2013

By Paul McBeth March 6 (BusinessDesk) - The New Zealand dollar rose above 83 US cents after dairy prices surged at Fonterra Cooperative Group's latest online auction, as drought threatens to engulf most of the North Island. The kiwi climbed to 83.18 US cent at 8.30am in Wellington from 82.92 cents yesterday. The trade-weighted index advanced to 76.34 from 76.12. The average price across all products sold on the GlobalDairyTrade auction website climbed 10.4 percent, with whole milk powder prices surging 18 percent. The increased prices come...

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