Tuesday October 3, 2006
Overseas investors have found a renewed appetite for the New Zealand dollar, offsetting the long-awaited rush of foreign capital flowing out of the country which was tipped to drag the kiwi dollar below US60c this year.
As a result of increased bond issuance to foreign investors, the kiwi has gained nearly 10 per cent since falling below US60c in June to close at US64.97c yesterday and is unlikely to fall sharply this year, currency forecasters say.
As recently as August some commentators were tipping that investors with as much as $11.5 billion worth of New Zealand dollar-denominated investments in the form of uridashi and eurokiwi bonds would take their money home when their investments matured in the second half of the year.
It was believed that withdrawal of cash would speed the dollar's descent.
However, the Reserve Bank recently raised the prospect that it may hike interest rates again while central banks around the world have signalled a less aggressive stance. As a result, the dollar is again in favour.
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Foreigners still like high-flying kiwi
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Terra Nova Consultancy Ltd
14 Glanworth Place, Botany 2106
Manukau, Auckland 2106,
New Zealand
Please arrange visit by appointment.
Mobile: +64 275 706 540
Postal Address:
PO Box 58385, Botany
Manukau, Auckland 2163,
New Zealand
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Johannes Petrus (Peter) Hubertus Cornelis Hendrikx
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