Last week, I attended a Breakfast meeting where Doug Steel, Westpac Bank economist, forecast that the New Zealand dollar would remain high for some time yet.
This morning, his colleague Sharon McCaw, another economist at Westpac, has said the same thing. Climbing world dairy prices are to blame. It's good news of course for the farmers and it's good news for New Zealand Inc. For those not in this sector however, the impact is more serious. The high dollar is here to stay and I guess to stay for some considerable time yet.
Planning for this is now a critical part of any business strategy.
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