The correct price should have been $3.59, representing a 5% overvaluation of the New Zealand currency against the dollar.

正确的价格应为3.59美元，这意味着新西兰货币相对于美元被高估了5%。

youdao

We see a similar overvaluation when looking at historically normal levels of price-to-sales.

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In other words, when the price is touching the pink line, fair valuation is indicated, and when the price is above the pink line, as it is today, overvaluation is indicated.

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And if a devaluation cannot be used to reduce real wages, the real exchange rate overvaluation will be undone via a slow and painful process of wage and price deflation.

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