NZ dollar pares decline after Fonterra raises payout

The New Zealand dollar pared its decline after Fonterra Cooperative Group raises its forecast payout for dairy farmers to a record. The kiwi climbed to 83.11 US cents at 9am in Wellington, from 82.90 cents at 8am and 83.30 cents at 5pm yesterday after Fonterra hiked its forecast pay-out to farmer…

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