Prices of dairy products surged to a record in Fonterra’s latest GlobalDairyTrade auction as traders competed for a shrinking volume of milk powder in the face of the continuing impact of drought. The GDT-TWI Price Index rose 14.2 percent compared to the last sale two weeks ago, the eighth straight gain. The average winning price rose to US$4,966 a tonne, …

The New Zealand dollar rose above 84 US cents after the Reserve Bank of Australia kept its benchmark interest rate at 3 percent as the nation’s spending picks up from a lull, and said it has scope to cut it need be. The kiwi rose to 84.03 US cents at 5pm in Wellington from 83.75 cents at 8am and 83.52 …

The Reserve Bank of Australia kept its cash rate unchanged at 3 percent as expected and repeated its view that there is scope to ease policy if necessary to support demand. Today’s statement contains almost identical language to the March 6 statement. “Inflation is consistent with the medium-term target, with both headline CPI and underlying measures at around 2¼ per …