FXstreet.com (Sydney) - The New Zealand dollar sailed past 0.7400 against a weak dollar and is now trading at 0.7426. This is the highest the pair has been in a fortnight and finds support at 0.7394 with resistance on the high end at 0.7460. Trends remain slightly bearish at this stage.
The Kiwi continued to rise on news that Fonterra, which makes up around 7% of New Zealand's GDP will increase its payment to farmers by 20%. The currency was also boosted by a weak US economy, record low interest rates there and a growing demand for other currencies and other assets from equities to gold. Overnight gold rose past USD 1100.00 and may yet reach USD 1300.00.