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NZD/USD catches healthy bid tone on Fonterra

FXStreet (Bali) - NZD/USD is pushing further up following the announcement made by Fonterra, setting the rate to a new session high of 0.8363 from 0.8320 late in the US.

Fonterra announced an unchanged forecast for milk payout during 2014/15, while an infant formula partnership with Chinese food manufacturer Beingmate Group was confirmed. As Fonterra stated: "The investment will create a fully integrated global supply chain from the farm gate to China’s consumers."

Chief Executive Officer Theo Spierings said: "Our strategy is to increase earnings by driving more milk volume into higher value categories globally by turning the wheel from commodities to higher-margin products." The agreement is "a game changer that will provide a direct line into the infant formula market in China, which is the biggest growth story in pediatric nutrition in the world,” Spierings said.

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