NZ dollar pares decline after Fonterra raises forecast payout to farmers

Wed, 26 Feb 2014

By Tina Morrison Feb. 27 (BusinessDesk) – The New Zealand dollar pared its decline after Fonterra Cooperative Group raises its forecast payout for dairy farmers to a record. The kiwi climbed to 83.11 US cents at 9am in Wellington, from 82.90 cents at 8am and 83.30 cents at 5pm yesterday after Fonterra hiked its forecast pay-out to farmers by 35 cents to $8.65 per kilogram of milk solids to farmers in the 2013/14 season, up from a previous forecast of $8.30 per kgMS. The dairy company held its forecast dividend of 10 cents per share. Fonterr...

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