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June 21 edition of the BNZ Weekly Overview
Welcome to the June 21 edition of the BNZ Weekly Overview.
Many overseas investors are likely to be thanking the Reserve Bank Governor for intervening in the Fx market earlier this week and last week to get a lower Kiwi dollar and better entry level for them to gain their Kiwi dollar exposure. At the time of writing the Kiwi was trading at 76.4 US cents which is almost at the level where the Reserve Bank first intervened. We are above pre-intervention levels against the Japanese yen and Australian dollar. They may intervene again but one doubts the Minister of Finance will be happy that the Reserve Bank's intervention account position is now in loss-making territory and costing the government revenue.
See... http://img.scoop.co.nz/media/pdfs/0706/WOJune21.pdf
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