9 Mar 2015
NZD/USD bearish towards 0.7200 – Westpac
FXStreet (Barcelona) - Imre Speizer of Westpac, views that the near-term outlook for NZD/USD remains negative, further anticipates a break below 0.7315 to pave way for 0.7200.
Key Quotes
“The recent multi-week rally came to an abrupt end on Thursday last week, the near term outlook now negative.”
“While NZ economic data remains strong, the US dollar has woken from its month-old slumber and resumed its uptrend. When the US dollar is trending, NZD/USD usually follows suit.”
“We expect 0.7315 to give way this week and pave the way towards 0.7200.”
“The key NZ event this week will be the RBNZ’s Monetary Policy Statement. We expect to see downgraded inflation and interest rate forecasts, a 40bp reduction in the latter already priced in and therefore probably market neutral.”
Key Quotes
“The recent multi-week rally came to an abrupt end on Thursday last week, the near term outlook now negative.”
“While NZ economic data remains strong, the US dollar has woken from its month-old slumber and resumed its uptrend. When the US dollar is trending, NZD/USD usually follows suit.”
“We expect 0.7315 to give way this week and pave the way towards 0.7200.”
“The key NZ event this week will be the RBNZ’s Monetary Policy Statement. We expect to see downgraded inflation and interest rate forecasts, a 40bp reduction in the latter already priced in and therefore probably market neutral.”