THE New Zealand dollar has held near a five-year high against its trans-Tasman counterpart as the likely divergent interest rate paths of the two economies continue to fuel demand for the kiwi.
The kiwi traded at 90.74 Australian cents at 5pm in Wellington, having climbed as high as 90.95 cents on Thursday, from 90.34 cents on Wednesday.
The NZ currency rose to 82.09 US cents at 5pm from 81.79 cents at 8am and 81.86 cents on Wednesday.
A sluggish Australian economy has kept alive the potential for another rate cut by the country's central bank, the opposite trajectory to New Zealand, where Reserve Bank governor Graeme Wheeler has indicated the next move will be higher.
The divergent interest rate paths make the kiwi dollar more attractive for investors and traders are pricing in 107 basis points of increases to New Zealand's key rate of 2.5 per cent over the coming 12 months, compared to just 16 points for its Australian counterpart, also at 2.5 per cent.
"You had to have your head in the sand if you were wishing and willing the kiwi lower against the Aussie - the interest rate trade couldn't get clearer," said Alex Hill, head of dealing at HiFX in Auckland.
"I wouldn't be surprised to see it up to 93/94" Australian cents."
The kiwi was little changed at 84.01 yen from 83.98 yen on Wednesday and increased to 60.41 euro from 60.26 euro. The trade-weighted index increased to 77.28 from 77.08.
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