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New Zealand Dollar Vulnernable to Intervention, UBS Says

New Zealand’s overvalued dollar is at risk of further declines after its central bank warned that the currency’s level is “unjustified,” according to UBS AG.

“There could still be a long way to go,” Geoffrey Yu, a senior currency strategist at UBS in London, wrote in a report today. The central bank’s caution on the exchange rate “sounds like an intervention warning to the market.”