N.Z. Companies Expect Higher Currency by March, ASB Survey Shows

New Zealand export and import companies expect the nation’s currency will be higher by March after a slight decline this year, according to a new survey by ASB Bank Ltd.

New Zealand’s dollar will buy 77.1 U.S. cents in late December then rise to about 80 U.S. cents three months later, according to the weighted average forecasts of 350 companies that were surveyed mid-May, Auckland-based ASB said in an e- mailed statement. The currency bought 77.7 U.S. cents as at 5:20 p.m. in Wellington yesterday.

ASB forecasts the currency will rise to 83 cents by the end of 2012 and hold at that level through March 31, it said in the statement. The survey will be published quarterly, it said.

To contact the reporter on this story: Tracy Withers in Wellington at twithers@bloomberg.net

To contact the editor responsible for this story: Stephanie Phang at sphang@bloomberg.net

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