NZD/USD Rebounds to 0.7670 from 0.7600 post Fonterra News

PremiereTrade Media PT/WWM Blog

Posted by Chris Advincula on Wed, Mar 25, 2015 @ 06:48 AM


Save time by using the PremiereTrade Software. Green you Buy, Red you sell. Here is the NZD/USD with the price in the green and moving to the Upside.

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The New Zealand Dollar made a resilient rebound in Europe rising to 0.7670 from the intraday low of 0.7601 after the dissapointing Fonterra news. The kiwi initially fell to 0.7601 from 0.7660 in the late Asian trading session but made steady gains against the declining U.S. dollar in the European morning session. Offers expected near 0.7700 (2-month high).

The semi-annual Fonterra forecast and payout results were below 1.0500, farmers’ expectation.

The Fonterra Co-operative Group Chairman John Wilson announced the results of its first half of the year forecast for Farmgate Milk Price at NZ$ 4.70 per kgms. However, they have lowered their dividend forecast 20-30 cents per share, resulting in a forecast cash payout of NZ $4.90 – 5.00. The board has declared a 10 cent interim dividend.