The New Zealand dollar rose today, touching the highest level in a week, on the speculation that Fonterra Cooperative Group Ltd. will increase the payouts to farmers, supporting the New Zealand economic recovery.
Fonterra already increase the payment to farmers by 4.5 percent on December 10 because of higher overseas prices for whole milk powder. Fonterra may decide on tomorrow’s meeting to raise the payouts again, as the whole milk powder prices reached the highest level in 31 months. Fonterra is the largest dairy exporter in the world.
NZD/USD traded at 0.7630 as of 14:14 GMT today after rising from 0.7628 to 0.7630.
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