NZ Dollar Poised to Break Below US $ 0.70, Westpac Says
New Zealand dollar fell overnight as the US dollar resumed its rally. Strong economic data and fresh comments from the Federal Reserve bolstered traders' expectations that US interest rates will rise next month and pushed the US dollar to fresh multi-year highs. The Kiwi dollar was last trading at US $ 0.7006 early Thursday in Asia, but is poised for further weakness, says Westpac senior market strategist Imre Speizer. He says the New Zealand dollar looks vulnerable to falling to as low as US $ 0.66 in coming weeks because the US dollar has potential to rise further.
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