NZ dollar climbs above 84 Aust cts as Fonterra payout beats expectations

Wed, 29 May 2013

By Paul McBeth May 29 (BusinessDesk) - The New Zealand dollar rose above 84 Australian cents and will probably kick on further after Fonterra Cooperative Group upgraded its forecast payout to farmers by more than expected, and as construction work across the Tasman tapered off. The local currency rose to 84.39 Australian cents at 5pm in Wellington from 83.86 cents yesterday. It fell to 80.68 US cents from 80.88 cents at 8am and 80.81 cents yesterday. Fonterra raised the 2014 forecast payout to farmer shareholders to $7 per kilogram of mil...

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