NZ dollar jumps almost 2 US cents after whole milk powder prices rise in GDT auction

Tue, 03 Feb 2015

By Tina Morrison Feb. 4 (BusinessDesk) - The New Zealand dollar jumped almost 2 US cents after whole milk powder prices soared 19.2 percent in the GlobalDairyTrade auction overnight, stoking optimism Fonterra Cooperative Group may meet its forecast payout to dairy farmers, helping underpin economic growth. The kiwi surged as high as 74.36 US cents, from around 72.50 cents ahead of the auction result, as traders who had expected the currency to decline changed their positions. The local currency was trading at 73.59 US cents at 8am in Well...

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