New Zealand dollar is exceptionally and unjustifiably high

Reserve Bank of New Zealand Governor Alan Bollard said on Thursday the country's currency was high largely as a result of a slide in the U.S. dollar. "Against the U.S. dollar we think the New Zealand dollar is exceptionally and unjustifiably high," Bollard told a media briefing. The New Zealand dollar hit a 23-year post float high of $0.8215 last week against the US Dollar. It gained around a quarter of a cent to just above $0.8000 after the RBNZ kept its cash rate in hold at 8.25 percent as expected on Thursday. GBPNZD is trading 2.4850