NZ dollar gains as Fonterra offers farmer support, primps dividend while cutting forecast
By Jonathan Underhill
Aug. 7 (BusinessDesk) - The New Zealand dollar gained after Fonterra Cooperative Group slashed its milk payout forecast as expected while offering interest-free loans and a slightly improved dividend to its farmers to soften the blow.
The kiwi rose to 65.52 US cents as at 5pm in Wellington, from 65.43 cents before the Fonterra statement and from 65.42 cents late yesterday. The trade-weighted index advanced to 70 from 69.83.
Fonterra cut its farmgate milk price for the 2015/2016 season by $1.40 to $3.85 per kilogra...
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