NZ dollar hits new 5-year high vs. Aust on Fonterra milk price hike, upbeat business confidence

Wed, 31 Jul 2013

By Paul McBeth July 31 (BusinessDesk) - The New Zealand dollar hit a new five-year high against its Australian counterpart as a higher forecast milk price by Fonterra Cooperative Group and jubilant local businesses show a growing contrast in the fortunes of the trans-Tasman economies. The kiwi rose as high as 88.40 Australian cents, trading at 88.30 cents at 5pm from 87.96 cents yesterday. The currency was little changed at 79.77 US cents at 5pm in Wellington from 79.74 cents at 8am, down from 79.92 cents yesterday. Fonterra raised its for...

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