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NZD/USD: Year-end target at 0.78 - BNZ

FXStreet (Bali) - Bank of New Zealand expects the NZD/USD to end 2014 at 0.78, amid the potential for a significant USD retracement in coming months.

Key Quotes

"Going forward, we are increasingly wary of a near-term balance. The USD’s strong and linear run higher is begging for some retracement lower. This should be fairly modest, as investors look to enter long USD positions as medium-term plays."

"NZD by itself also looks in need of a phase of consolidation, having fallen sharply. It sticks out like a sore thumb against its G10 peers, who have lost ground against the USD at a largely uniform pace."

"This wariness of a retracement in the USD or the NZD (or even both) is a major aspect of why we leave our year-end target at 0.78, rather than set one more aggressive."

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