Citigroup (NYSE:C) Sees Opportunity in Weak N.Z. Dollar

Saying they believe the selloff of the N.Z. dollar against the U.S. dollar is exaggerated, Citigroup (NYSE:C) recommends acquiring the New Zealand dollar today.

The drop in value of the N.Z. dollar came after an announcement by Standard & Poor's that the credit ratings' outlook in New Zealand is negative.

In a note to clients, Citigroup currency strategist Todd Elmer, said, “We believe the intraday selloff in the New Zealand dollar versus the U.S. dollar on the back of the S&P announcement is exaggerated and presents a buying opportunity.”

The issue of concern in New Zealand is their banking system may be inherently weak.