Kiwi dollar unwinds RBNZ rally
The kiwi dollar was trading at 72.63 US cents at 3pm in Wellington, down from 72.85 cents yesterday.
Fitch Solutions expects the kiwi to average 74.34 US cents for the remainder of the year as monetary policy in NZ is seen tightening earlier than in the United States, which will put upwards pressure on the kiwi as investors follow higher interest rates.
BNZ Bank has forecast the currency climbing as high as 76 US cents by the end of year, and Westpac Bank said it will hit 75 US cents this month.
Despite these bullish predictions the currency has failed to hold above 73 cents for any extended period of time.
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