FXstreet.com (Sydney) - The New Zealand dollar opened 0.7210 and rose to an intraday high of 0.7224 to settle around 0.7203. This is the highest the pair has been since October 30th.
The Kiwi jumped above 0.7200 after dairy prices continued to rise in the Fonterra's online auction sparking prospects that this would become New Zealand's biggest industry.
As reported in the New Zealand Herald, the price of milk powder soared almost 88% as stocks are replenished. The Kiwi is known as a commodity currency and is well supported when the price of raw materials improve.