WELLINGTON: When Reserve Bank of New Zealand Assistant Governor John McDermott said on Friday the New Zealand dollar was overvalued and he would like to see it weaken, it did exactly the opposite and rose to a session high.
Speaking in Wellington, McDermott conceded the RBNZ was not inclined to actively weaken the currency as it prepares to raise interest rates next year, which markets took as little more than the central bank's usual jawboning against currency strength and drove it higher.
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