Dollar potential put at $US0.61
PA Wellington Chief foreign exchange dealers polled by the New Zealand Press Association have predicted that the New Zealand dollar has potential to top SUSO.6I within six months. But they said it was more likely that the kiwi would be trading in a SUSO.S2 to SUSO.S7 range by that time. It is now just above SUSO.S6. Dealers were were asked for their “topside” forecasts for the unit. These ranged from SUSO.S9 to SUSO.6S and averaged $U50.61.3. Many said their top predictions were dependent on interest rates remaining firm. The range of forecasts varied from SUSO.SO-SUSO.S2
to SUSO.S4-SUSO.62, giving an average range $U50.52.16 to $U50.56.91. All agreed that the unit would not sink below SUSO.SO during the next six months.
The survey covered 13 trading and merchant banks which operate foreign exchange licences. One merchant bank declined to take part. Not all chief dealers were available for comment, in which case other dealers responded for them. They differed on many points, but all agreed that they did not foresee at the time of the float on March 4 that the New Zealand dollar would appreciate to the post-devaluation record of SUSO.S9, last week.
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Press, 25 October 1985, Page 8
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197Dollar potential put at $US0.61 Press, 25 October 1985, Page 8
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