U.S. Dollar Stays Strong

The U.S. dollar held near a six-year peak against the yen early on Thursday and powered to a seven-month high on its New Zealand peer, which fell after the country’s central bank said its current level is “unjustified and unsustainable”.

The kiwi sank as far as $0.8180, bringing into view its 2014 trough of $0.8052 set in February. It has fallen more than 6 U.S. cents from the July high of $0.8839.

“We expect a further significant depreciation, which should be reinforced as monetary policy in the U.S. begins to normalize,” Reserve Bank of New Zealand Governor Graeme Wheeler said in a statement.

CNBC

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