Kiwi tipped to soar again
Batten down the hatches: The New Zealand dollar is believed to be on its way back to US70 cents in the next few months.
Wednesday, July 14th 2004, 8:17AM
by The Landlord
But opinions are divided as to whether it will still be trading at those heights a year from now - or might have slumped as low as US55c.The Kiwi opened at a three-month high of US66.13c yesterday after peaking at US66.24c overnight.
"It has been on a move higher ever since we had some pretty weak economic data come out of the United States," Westpac chief currency dealer Basil Payn said.
The US dollar slide had boosted a raft of key currencies, but investors were aiming at high-yielding currencies such as the Kiwi given the prospects for an increasing gap between rising New Zealand interest rates and lower rates in the US.
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