The New Zealand dollar may rise this week, as equity markets recover from a three-week selloff following the US credit rating downgrade.

Global turmoil in global markets means the next OCR hike is now likely to be December, not September, say a growing number of bank ecnomists.

Improved economic conditions contributed to ASB Bank recording a 27.6 per cent increase in its net profit after tax to $568 million for the year to June 30, the company said today.

The US and European sovereign debt crises will likely push up the cost of funding for NZ banks, the head of the BNZ says.

PricewaterhouseCoopers (PwC) says a mortgage price war could break out among the country's major banks if interest rates rise as predicted over the next couple of years.

This morning's rapid fall in the New Zealand dollar proves recent talk of the kiwi becoming a 'safe haven' currency was hot air, say economists.

Prime Minister John Key has acknowledged the high currency is tough for exporters, but said intervention by the Reserve Bank was unlikely to be successful.

ASB Bank's new chief executive is something of a Thunderbirds fan, finds Jamie Gray.

Reserve Bank Governor Alan Bollard may hike the official cash rate by 50 basis points as soon as September, though any future hikes will be held back by a surging kiwi dollar.

It's official. We now know that John Key and Alan Bollard secretly love our high dollar.