New Zealand export and import companies raised their forecasts for the nation’s currency, expecting it to climb above 86 U.S. cents by mid-2013 before declining, according to a survey by ASB Bank Ltd .
New Zealand’s dollar will peak at 86.2 cents in June, according to the weighted average forecasts of 371 companies that were surveyed late October and early November, ASB said in an e-mailed statement. Three months ago, the forecast mid-2013 peak was 85.6 cents.
The so-called Kiwi has risen 7.2 percent this year, the best-performing among the Group of 10 currencies tracked by Bloomberg. It bought 83.3 cents late yesterday in Wellington.
The currency hasn’t traded above 86 cents since early August 2011. Auckland-based ASB’s own forecasts has the Kiwi peaking at 84 cents in mid-2013 and falling to 82 cents by the end of next year.
To contact the reporter on this story: Tracy Withers in Wellington at firstname.lastname@example.org
To contact the editor responsible for this story: Stephanie Phang at email@example.com