Kiwi exposed to intervention

New Zealand's overvalued currency may experience further declines after the RBNZ warned the Kiwi's level is "unjustified". The Reserve Bank of New Zealand lifted the official cash rate by 0.25% to 3.5% in July, the fourth raise since January. The Kiwi reached its strongest level since August 2011 in July this year. The New Zealand's currency, however, fell to 85.03 U.S. cents today, the lowest in almost six weeks.