NZ dollar little changed as drought fears counter impact of rising stocks

Wed, 27 Feb 2013

Feb. 28 (BusinessDesk) – The New Zealand dollar was little changed as traders pondered the impact of drought on the dairy industry, the nation’s biggest exporter, offsetting the risk-on tone from US stocks near record highs. The kiwi dollar traded at 82.57 US cents from 82.42 cents at 5pm in Wellington yesterday. The trade-weighted index was little changed at 75.51. The government yesterday declared a drought in Northland and hinted that other regions may follow. Fonterra Cooperative Group yesterday kept its milk payout forecast unchanged ev...

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