RBNZ Wheeler –

  • Says welcomes move to more sustainable exchange rate
  • Would welcome move to more sustainable exchange rate
  • Says exchange rate level unjustified, unsustainable
  • Unsustainablility is a factor in intervention feasability

Headlines on Bloomberg and Reuters

these comments are from a Reserve Bank of New Zealand emailed statement on the exchange rate

Here is the full text: Why the NZ exchange rate is unjustified and unsustainable

Actually, that’s a media statement, here is the full text: New Zealand’s Exchange Rate : Why the Reserve Bank believes its level is unjustified and unsustainable

NZD getting a good smacking on Wheeler’s comments. Its dropped 45+ points, currently around 0.8029, to a 12-month low now

Added – lower again, and dragging AUD lower with it