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- NZD/USD to advance nicely towards 0.70 by year-end – ING
NZD/USD to advance nicely towards 0.70 by year-end – ING
The NZD/USD is expected to climb gradually to 0.70 by by the end of the year as the kiwi catches up with strong fundamentals in the Antipodeans, economists at ING report.
Time to re-connect with fundamentals
“The kiwi has a strong set of domestic fundamentals it can count on, and this should continue to be the case in the foreseeable future.”
“A positioning shift to oversold territory means that we could see some stabilisation in NZD, and a February Reserve Bank of New Zealand hike may revamp the currency’s correlation with rate differentials. The market is pricing six hikes in 2022, which seems reasonable (it is our forecast).
“Milk prices back to the 2021 highs may also help NZD.”
“We expect a recovery in NZD/USD to 0.70 by the end of the year.”
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