That's the view at BNZ, recapping recent moves in a morning note:
- NZD pushed up to a 5-month high
- apart from retreating against JPY after a strong run, it is higher on the rest of the crosses
- NZD/EUR ... highest level in more than 3 months
- NZD/GBP new high for the year of 0.5160
BNZ give a heads up to how the Reserve Bank of New Zealand is going to view the moves:
- Our models suggest that while much of the recent NZD strength can be justified by the improving fundamentals, the currency now does look a little overbought in the short term and further strength from here would be seen as unwelcome by the RBNZ.
