The latest projection from Westpac for the NZD/USD have it averaging 83 cents against the USD for the remainder of 2014. Their cite weaker export prices as a major point.

Guess that’ll make governor Wheeler feel a little better, he has been constantly saying hte NZD is high given falling terms of trade. Glenn Stevens (of the RBA) will probably be hoping Westpac say something similar about the AUD, he too, like Wheeler, has been talking down the local currency citing lower terms of trade.

And, a reminder, if you need it … the RBNZ monetary policy announcement will be made on the morning of Thursday July 24 (NZ time). A further 25 bp point hike is likely.