New Zealand currency at odds with weak prospects

The New Zealand dollar, which gained 12 percent on the U.S. dollar in the past three months, and traded at 69.36 U.S. cents Tuesday, appeared to be “out of line with New Zealand's fundamentals,” English told Radio New Zealand.

He warned “there is not going to be some strong wave of export growth” for the country's exporters to ride on. The comments came after a report by New Zealand's Treasury that the country may have come out of its recession, according the latest monthly economic indicators released Monday.

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