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NZ dollar edges up after Fonterra milk payout announcement

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By Shoaib Ur Rehman
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imageWELLINGTON: The New Zealand dollar rose on Thursday after dairy co-operative Fonterra forecast a slight improvement in global milk prices in the coming year.

The kiwi rose to around $0.7260 after the world's biggest dairy exporter announced an initial farmgate payout forecast of NZ$5.25 ($3.81) per kilogram milk solids, compared with this year's NZ$4.50.

The kiwi recovered from an initial dip to around $0.7220 after the announcement.

Copyright Reuters, 2015

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