NZ dollar recovers as limited impact seen on Fonterra trade following food safety scare

Mon, 05 Aug 2013

By Tina Morrison Aug 6 (BusinessDesk) – The New Zealand dollar recovered some ground on confidence trade with China would not be as severely affected as first thought by a food contamination scare at Fonterra Cooperative Group, the nation’s largest company. The kiwi rose to 78.05 US cents at 8am in Wellington from 77.71 cents at 5pm yesterday. The trade-weighted index advanced to 74.04 from 73.81 yesterday. The local currency fell yesterday after revelations of contaminated products produced by Fonterra, the world’s largest dairy exporter....

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