The New Zealand dollar has been the Asia Pacific’s best-performing currency this quarter, much to the chagrin of leveraged funds who are betting on it to fall. A five-month high in consumer confidence, an improvement in business sentiment and fast-tracking of government infrastructure spending have all helped propel the kiwi almost 7% versus the dollar from a four-year low hit in early October. As has the Reserve Bank of New Zealand’s decision to give banks longer to raise their capital buffers, which has taken some of the heat out of rate-cut expectations. Investors are now pricing in less than a 40% possibility of ... (full story)