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NZD/USD could head towards 0.62 by year-end – Westpac

FXStreet (Edinburgh) - Imre Speizer, Strategist at Westpac, remains bearish on the pair, which could reach 0.62 by end of 2015.

Key Quotes

“We have flipped to a positive bias for the month ahead, but remain bearish over a three month horizon”.

“Our target for the week ahead is 0.6750. The rebound in dairy prices (92% since the August low for WMP) and still strong migration and housing should keep the RBNZ on hold on 29 Oct”.

“Moreover, NZD/USD is currently 7% below fair value implied by commodities, interest rates and risk sentiment, probably because the US dollar is overvalued”.

“Multi-month, we see the NZ economy slowing and the RBNZ easing in December, taking NZD/USD to 0.62”.

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