THE New Zealand dollar has extended its rally against its trans-Tasman counterpart as the divergence between the neighbouring economies makes New Zealand interest rates more attractive.
The kiwi rose as high as 92.49 Australian cents on Monday, the highest since October 2008, trading at 92.40 cents at 5pm in Wellington from 92.26 cents on Friday in New York.
The NZ dollar traded at 82.78 cents from 82.56 cents at 8am and 82.63 cents on Friday in New York.
The kiwi has been making fresh five-year highs against its Australian counterpart as the slowing economy in Australia and burgeoning local recovery underline the different stages of the interest rate cycle each nation's central bank is in.
New Zealand's Reserve Bank is keen on hiking rates next year, while Australia's is sitting on record-low rates to keep the stimulus coming.
Investors will be looking to see any hint of an easing bias when the minutes to this month's Reserve Bank of Australia policy meeting are released on Tuesday.
"Their central bank is quite determined to get the Aussie dollar lower to get a more sustainable mix in their economy," said Dan Bell, head of corporate sales at HiFX in Auckland.
"It looks like the kiwi/Aussie could get up to the 95 cent level" over the next month before it "runs out of puff," he said.
The kiwi fell to 85.04 yen at 5pm in Wellington from 85.31 yen on Friday in New York, and was little changed at 60.16 euro cents from 60.19 cents.
The trade-weighted index was steady at 77.92 from 77.90.
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