15 Jul 2013

NZ dollar eases against Australian - but may rebound

7:25 pm on 15 July 2013

The New Zealand dollar has eased back from a near five-year high against its Australian counterpart, but is expected to go higher again.

The kiwi reached 86.30 Australian cents late on Friday, its highest level since November 2011. On Monday evening, it was trading at 85.76 Australian cents.

Westpac currency strategist Imre Speizer said the Kiwi is continuing a trend which accelerated in March this year.

He said the kiwi has fallen slightly against the US dollar in the past week, while the Australian currency has continued its sharp decline.

The greenback has rebounded against most major currencies due to growing signs that the US economy is improving, Mr Speizer said.