NZ dollar gains as Fonterra affirms milk price, announces Chinese joint venture

Wed, 27 Aug 2014

By Paul McBeth Aug. 27 (BusinessDesk) - The New Zealand dollar rose after Fonterra Cooperative Group affirmed its forecast milk price payout to farmers, and unveiled a $615 million joint venture with China's Beingmate. The kiwi rose to 83.62 US cents at 5pm in Wellington from 83.24 cents at 8am and 83.41 cents yesterday. The trade-weighted index increased to 78.96 from 78.74 yesterday. Fonterra today affirmed its 2015 forecast farmgate payout of $6 per kilogram of milk solids, and announced an Australian-based tie-up with Beingmate to...

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