FX News

NZD/USD Transfer

The New Zealand Dollar (NZD) has retraced 50% of last week’s gains from the high at 0.6000 falling lower against the US Dollar (USD) to 0.5904 as I write. Risk sentiment has not been as buoyant this week with equity markets and metal commodities not to mention the Gaza conflict all making markets risk averse. NZ Inflation expectations were revised lower to 2.76% from 2.83% over the next two years with the Cash Rate to stay at 5.50% until Dec 2023 and dip to 4.99% by September 2024. The report also highlighted GDP to be around 1.26% over the next year increasing to 2.15% in two years. Jereme Powell speech at an IMF event this morning was interrupted by climate protesters- he was overheard saying “close the fu#king door”, speaking on inflation he said he would not hesitate to tighten policy further if needed. It would be a brave person to forecast the kiwi back at 0.6000 any time soon.

The current interbank midrate is: NZDUSD 0.5894

The interbank range this week has been: NZDUSD 0.5890- 0.6000

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