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5 Nov 2015
NZD/USD looks to 0.62 in 3-month – Westpac
FXStreet (Edinburgh) - Strategist at Westpac Imre Speizer sees the Kiwi dollar testing the 0.62 level vs. the greenback in a 3-month horizon.
Key Quotes
“We retain our negative bias for the week ahead, but with higher conviction than last week”.
“What’s new? NZ fundamental news has been downbeat lately, notably the 22% fall in whole milk powder futures since October and the soft labour market report”.
“Even the housing market is showing early signs of cooling. All this points to the RBNZ cutting the OCR by 25bp to 2.5% on 10 December”.
“Combining this with our bullish US dollar outlook results in a clearly bearish NZD/USD view. We target 0.65 next week, and stick with our three month target of 0.62”.
Key Quotes
“We retain our negative bias for the week ahead, but with higher conviction than last week”.
“What’s new? NZ fundamental news has been downbeat lately, notably the 22% fall in whole milk powder futures since October and the soft labour market report”.
“Even the housing market is showing early signs of cooling. All this points to the RBNZ cutting the OCR by 25bp to 2.5% on 10 December”.
“Combining this with our bullish US dollar outlook results in a clearly bearish NZD/USD view. We target 0.65 next week, and stick with our three month target of 0.62”.