NZ dollar recovers ground after dairy auction as fears recede over Fonterra exports, payouts

Tue, 06 Aug 2013

By Tina Morrison Aug 7 (BusinessDesk) – The New Zealand dollar recovered more ground as fears of weaker exports and lower payouts to farmers receded following a food contamination scare at Fonterra Cooperative Group, the nation’s largest company. The kiwi rose to 78.98 US cents at 8am in Wellington from 78.51 cents at the 5pm market close. The trade-weighted index advanced to 74.67 from 74.37 yesterday. The kiwi this morning rose above 79 US cents, returning to the levels it traded at before Fonterra said on Saturday it had found bacteria w...

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