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AUD/NZD expected to re-test 1.1400 – Westpac

FXStreet (Edinburgh) - In the view of Sean Callow, Strategist at Westpac, the Antipodean benchmark could return to the 1.1400 handle in the medium term.

Key Quotes

“We have been mostly bullish on AUD/NZD since the RBNZ started cutting rates in June”.

“The pair was 1.0780 before the 11 June easing, jumping quickly to 1.10. Since then the cross has traded mostly 1.0950 - 1.1400”.

“This week’s retreat back below 1.10 was unexpected and a little unsettling for our bullish view”.

“Our call for a steady RBA hand over the next year along with our forecast of a 2% RBNZ cash rate (market pricing is no lower than 2.40%) leaves us clearly expecting AUD/NZD to return to at least 1.14 multi-month”.

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