On a long-run basis, the NZD is more than one standard deviation overvalued against the AUD and GBP. In contrast, the NZD/USD and NZD/EUR have become less overvalued (at 10% and 2% above their respective LREs). The NZD/JPY is the only NZD pair that is currently undervalued on a long-run basis.
Read the full report: FX Research
BNZ