(Bloomberg) -- New Zealand's dollar snapped seven weeks of gains against the U.S. dollar and dropped versus the yen on speculation the central bank may sell its currency to stem an advance to decade highs.
The country's dollar this week dropped the most among the 16 most-actively traded currencies as Reserve Bank of New Zealand Governor Alan Bollard said its level was ``unjustified.'' The New Zealand dollar, or kiwi, reached a 22-year high versus the U.S. dollar and the strongest against the yen in 17 years as investors plowed funds into the nation's high-yielding assets.
Read more at Bloomberg Currencies News
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