24 Feb '11, 2pm

DTN Singapore: Good buying opportunity in NZ dollar if fall continues, says Westpac: SINGAPORE: Westpac Bank sai...

DTN Singapore: Good buying opportunity in NZ dollar if fall continues, says Westpac: SINGAPORE: Westpac Bank sai...

SINGAPORE: Westpac Bank said there will be a good buying opportunity in the New Zealand dollar if it continues to fall against the US dollar. It is currently trading at above 74 US cents, and the lender has forecast that the currency will decline to the 72 cents level over the next two to three months. However, Westpac said the so-called Kiwi could stage a rebound in the second half of the year. The currency has weakened on speculation that the New Zealand's central bank may cut interest rates next month. Credit Suisse AG said there is now an 88 per cent probability of an interest-rate cut, up from a 28 per cent chance before Monday's earthquake in Christchurch. While Westpac said it is now 100 per cent certain that the cut will happen; before the tremor, it did not see any likelihood of a reduction. Jonathan Cavenagh, FX Strategist with Westpac Banking Corp, said: "The ma...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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