Kiwi ripe to strengthen
The New Zealand dollar is heading into the third year of a rally that has seen it rise 51% against the US dollar, 12.5% against the euro, 23% against the yen and even outpoint its old rival, the Australian dollar, by 11%. While the key drivers, both in an outright and relative sense, are largely understood, it is worth assessing whether they are likely to remain in force. They do suggest further strength in the currency across 2004, but perhaps not at its current annualised rate.
The primary
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