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- NZD/USD to trend gradually lower towards 0.66 as USD strength dominates – Westpac
NZD/USD to trend gradually lower towards 0.66 as USD strength dominates – Westpac
Kiwi’s sharp upward reversal following the FOMC could extend to 0.6900, in the view of economists at Westpac. Further ahead, NZD will not resist a strong USD in Q1 2022.
NZD/USD has solid fundamental backing, but the US dollar will dominate
“NZD/USD looks bullish near-term. The post-FOMC rebound was sharp, signalling a move towards 0.6900 during the next week or two.”
“Global risk sentiment remains elevated, despite the Fed’s increasingly hawkish stance, supporting the NZD, and the run of local data remains supportive.”
“As strong as local fundamental backing for the NZD is, though, it is likely to be overshadowed by the strong US dollar which will benefit from relative economic outperformance and rising interest rates. Multi-month, then, we are bearish, targeting 0.6600.”
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