The New Zealand dollar slumped against its top rivals on Friday, enduring its biggest losses since April of last year, according to Reuters.
The Reserve Bank of New Zealand said it plans to move forward with selling the kiwi while taking on challenges and risks. The nation is slated to release economic data about consumer price index, which raises questions about whether the bank will increase borrowing costs.
"The kiwi/Aussie cross could be under a little bit of risk if we get a benign CPI on Tuesday," senior adviser Martin Rudings OMF in Wellington told TVNZ on Friday. "It's probably vulnerable for a bit of a correction."
But, despite the poor performance on Friday, the New Zealand dollar was barreling toward marking weekly gains of 2 percent against the Australian dollar. The kiwi earlier this week touched its top value in eight years against the Aussie as the New Zealand economy continues gaining strength, according to TVNZ. A survey earlier this week indicated business confidence has pushed to its top rate in 20 years.
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