Kiwi’s record weekly losing stretch makes RBNZ top forecaster

New Zealand Dollar, on its way to continue longest weekly decline on record, which now stretched for 11^th straight week.

This week it is down almost 2.5% against dollar. This has made Kiwi, the worst performing currency in the world in 2015 so far.

Kiwi's move against dollar has made Reserve bank of New Zealand the top currency analyst, which at the beginning of the year called Kiwi stronger and called for an exchange rate close to 0.65 against dollar.

Kiwi during the time of the call was trading around 0.76 against dollar and traded as high as 0.775. Today New Zealand dollar is trading at 0.669 against dollar.

Since April kiwi has fallen for 11^th consecutive week and resulting in drop of 12.75% and still continuing. Previous record was for eight consecutive weeks in 2000, which resulted in drop of -11.5%.

Kiwi is likely to drop further as RBNZ stands ready to ease more and global commodity prices remain weak. Profit booking can be seen around 0.65 area, which might result in large correction.