NZ dollar little changed after Fonterra hikes forecast payout

Tue, 27 Aug 2013

By Paul McBeth Aug. 27 (BusinessDesk) - The New Zealand dollar was little changed from yesterday after Fonterra Cooperative Group hiked its forecast payout to farmers as global dairy prices remain elevated. The kiwi slipped to 78.12 US cents at 5pm in Wellington from 78.43 cents at 8am, and was little changed from 78.23 cents yesterday. The trade-weighted index traded at 78.80 from 73.83. Fonterra raised its forecast payout 30 cents to $7.80 per kilogram of milk solids for the 2014 season, up from an estimated $5.80 per kgms in the season...

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