RBNZ's Wheeler talks down the Kiwi

FXStreet (Bali) - Graeme Wheeler, governor of the Reserve Bank of New Zealand, who is speaking to the DairyNZ Farmers’ Forum in Hamilton on the significance of dairy to the New Zealand economy, said that the NZ dollar continues to be overvalued, adding that the level is not sustainable.

Further headlines included "New Zealand’s reliance on foreign savings puts pressure on rates and the NZD", adding that "NZ currency strength will curb inflation", while also saying that "the currency will be a factor in assessing rate rises." Surprisingly, Wheeler also sent a message about possible future intervention on the currency, saying that "if NZ dollar stays high in face of worsening fundamentals RBNZ could sell currency."