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27 Aug 2014
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.
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.