NZ dollar pares gains after Fonterra keeps payout to farmers unchanged

Tue, 10 Dec 2013

By Tina Morrison Dec. 11 (BusinessDesk) – The New Zealand dollar pared gains after Fonterra Cooperative Group, the nation’s largest company, dashed expectations that it would increase its forecast payout to farmers today. The kiwi touched a three week high of 83.34 US cents this morning and was trading at 83.28 cents at 8am in Wellington from 82.91 cents at 5pm yesterday. The local currency slipped as low as 82.89 cents and recently traded at 83.11 cents after Fonterra unexpectedly said it would keep its milk payout to farmers at $8.30 per k...

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