The New Zealand dollar is on the turn

The New Zealand dollar has been on a roll. It rose by 15% against its US counterpart between September 2013 and hit $0.88 last month, the highest level since it became a freely floating currency in the mid-1980s.

Underlying the surge is the strength of New Zealand’s economy, which “has ridden a wave of dairy exports, selling milk and butter to Asia’s increasingly protein-hungry consumers”, says Josh Noble in the FT.

Buttressed by a frothy housing market, GDP growth reached almost 3% last year, prompting the central bank to raise interest rates for the first time in four [...]

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