While the New Zealand dollar has been singled out by some foreign exchange traders as the "hottest" trade of the year, the country's finance minister Bill English says he would like to see the currency weaker than current levels.
"Well look, it's higher than its 30-year average. It's been up in the $0.80-plus zone now for 6 or 7 years (so) I wouldn't say we're not comfortable. We would like to see it in the mid-$0.70s," English told CNBC Asia's Squawk Box on Tuesday. The New Zealand dollar last traded at 0.81 against the U.S. dollar.
"At this level though, our response is to focus on our competitiveness," he added.
(Read more: This could be the hottest currency trade of 2014)
Optimism over the outlook for the currency, also referred to as kiwi dollar, has been built around expectations that the Reserve Bank of New Zealand (RBNZ) will be the first developed nation to raise interest rates in the current cycle.