Despite boasting yields at 7.25 percent — the highest in the industrialized world — analysts say global investment flows haven’t been a bullish factor for the kiwi.

“You only get 7.25 percent by investing very short term, because the yield curve remains steeply inverted,” says Sean Callow, senior currency strategist at Westpac Institutional Bank. “Two-year bonds are around 6.50 percent and the 10-year is around 5.85 percent — not so tantalizing compared to a liquid T-note.”