Morgan Stanley analysts ended a recommendation to sell the New Zealand dollar against the U.S. currency after the so-called kiwi appreciated beyond the level set to protect against potential losses.
The month-old “tactical trade” was ended on July 23 at 72.73 U.S. cents per New Zealand dollar, a team of strategists led by Stephen Hull in London said today in a note distributed by e-mail.
The trade, based on an opening level of 70.54 cents on June 24, booked a loss, the analysts wrote in the note.
The kiwi rose 0.3 percent to 72.98 U.S. cents at 11:31 a.m. in London.
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