Kiwi tipped to soar again

Wednesday 14 July 2004

Batten down the hatches: The New Zealand dollar is believed to be on its way back to US70 cents in the next few months.

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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