Policy divergence between Fed and RBNZ likely to push NZD/USD towards 0.63
In New Zealand, the key data releases are Q3 balance of payments and Q3 GDP. The latter is likely to rise, a payback for a soft H1. Business Confidence index and GT Dairy Auction are also due to release this week, the wh…
In New Zealand, the key data releases are Q3 balance of payments and Q3 GDP. The latter is likely to rise, a payback for a soft H1.
Business Confidence index and GT Dairy Auction are also due to release this week, the whole milk powder futures markets are likely to rise and the mid-year fiscal update is unlikly to bring any movements in market.
"We expect near-term resistance at 0.6790 to give way to a move higher to around 0.6900. The resultant policy divergence between the Fed and the RBNZ should push NZD/USD towards 0. 1 year ahead forecast is 0.62, based partly on the OCR being cut to 2.0%", says Westpac in a research note
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