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- Credit Suisse Trade Of The Week: Buy NZD/USD
Credit Suisse Trade Of The Week: Buy NZD/USD
"We think higher-yielding currencies in G10 can tactically strengthen against the USD. NZD provides the cleanest near-term pairing, in our view. This week's economic data calendar in New Zealand is lighter than Australia, and there are no scheduled RBNZ speeches this week either (whereas RBA Deputy Governor is speaking on Wednesday).
While markets may be cautious of chasing AUDUSD strength into the soon-approaching RBA meeting (6 September), the RBNZ is relatively far away for now (21 September). There is also no noise from Fonterra milk auctions next week - the next scheduled auction is on 6 September.
The main risk to this trade is if markets retrace towards broad-based USD strength".
CS is long NZD/USD from 0.7220 targeting a move to 0.7390.
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