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- NZD/USD: A strong catalyst is needed to snap the Kiwi out of its rut – ANZ
NZD/USD: A strong catalyst is needed to snap the Kiwi out of its rut – ANZ
NZD/USD slid well below the ~0.61 level it was consolidating around in the wake of soft China trade data. Economists at ANZ Bank analyze the pair’s outlook.
Reduced risk appetite is weighing on the Kiwi
Markets certainly seem nervous and reduced risk appetite is weighing on the Kiwi.
US resilience (and ongoing hawkish talk from Fed speakers) remains a theme, and amid that and slowing Chinese growth, and the current account bubbling away as a risk factor just as credit rating agencies are downgrading swathes of borrowers, a strong catalyst is needed to snap the Kiwi out of its rut. But don’t expect that to come from the RBNZ next week; they’re firmly on hold and happy – for now. We expect another hike, but November is a long way off.
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