NZD/USD: The New Zealand dollar surged after dairy giant Fonterra cut its annual earnings outlook but raised its 2018/19 forecast for milk prices paid to farmers. However, surveys indicating factory activity in China eased for the third straight month in February dented the bid tone around the major. The Kiwi trades 0.05 percent up at 0.6859, having touched a high of 0.6903 on Tuesday, its highest level Feb. 6. Investors’ will continue to track broad-based market sentiment, ahead of U.S. economic data. Immediate resistance is located at 0.6941 (Feb. 1 High), a break above could take it near 0.6969 (Dec. 4 High). On the downside, support is seen at 0.6814 (Feb. 19 Low), a break below could drag it below 0.6797 (Feb. 21 Low).
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