NZ dollar pares loss as rising dairy prices offset global pessimism over Spanish bailout

Tue, 16 Oct 2012

By Hannah Lynch Oct. 17 (BusinessDesk) - The New Zealand dollar pared its loss after a strong GlobalDairyTrade auction offset rising investor pessimism amid speculation Spain will seek a bailout to soothe fears the Europe's debt crisis is spreading. The kiwi traded at 81.28 US cents at 8am in Wellington, having dropped as low as 81.05 cents, from 81.40 cents yesterday at 5pm. The trade-weighted index fell to 72.41 from 72.80 yesterday. Trade-weighted dairy prices rose 1.8 percent at Fonterra Cooperative Group's fortnightly auction, with w...

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