Corporate foreign exchange news
NZ$ hits 13-month high in foreign exchange trading
Tuesday, 22 September 2009 14:18:22 GMT

The New Zealand dollar has climbed to its strongest position in 13 months as a slew of positive national economic data emerged.Dow Jones Newswires reports that while bonds fell on the back of the publication of data showing an unexpected account surplus, payers in swaps pushed exchange rates higher this morning (September 22nd).The New Zealand agricultural industry also received a fillip from the announcement that Fonterra is raising its payout forecasts for dairy farmers in the country.Foreign exchange traders are now expectant that, with appetites for risk continuing to grow, support for the New Zealand could push it towards 74 US cents by this time next week.The Australian dollar was also in a strong position in late trading yesterday, gaining momentum after the Fonterra announcement.The company, which is owned by around 12,500 New Zealand farmers and is the largest dairy exporter in the world, raised its milk price forecasts by 12 per cent for the coming year, eyeing a recovery in global demand.

