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NZD/USD to trade range bound – Westpac

FXStreet (Delhi) – Imre Speizer, Senior Markets Strategist at Westpac, holds a neutral bias for the week ahead, with the pair locked in a 0.6500-0.6600 range.

Key Quotes

“There’s nothing in the NZ event calendar this week to ruffle the NZD, it containing only two minor data releases - migration (Mon) and the trade balance (Thu) which should remain in deficit, thanks to lower commodity prices.

3 months ahead: By year-end, we see the NZ economy slowing, the RBNZ easing in December, and the Fed tightening the same month. We target 0.62. The main risk to this bearish view is the Fed delays its tightening cycle beyond December. A secondary risk is the RBNZ doesn’t cut in December.

1 year ahead: Our 1 year ahead forecast is 0.62, based partly on the OCR being cut to 2.0%.”

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