RESEND: NZ dollar gains as Fonterra hikes forecast farmgate payout

Thu, 25 Aug 2016

(Fixes typo in 8th paragraph) By Paul McBeth Aug. 25 (BusinessDesk) - The New Zealand dollar gained after Fonterra Cooperative Group hiked its forecast payout to farmers in the current season as recent dairy auctions delivered higher-than-expected price increases. The kiwi rose to 73.16 US cents at 5pm in Wellington from 73.05 cents at 8am and 72.79 cents yesterday. The trade-weighted index advanced to 77.50 from 77.16 yesterday. Fonterra raised its forecast payout 50 cents to $4.75 per kilogram of milk solids, citing the recent p...

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