NZD/USD: Medium term bearish outlook - Westpac

Imre Speizer, Research Analyst at Westpac, notes that we got a positive surprise from NZ GDP data and their 0.6725 multi-day forecast stands.

Key Quotes

“The underlying GDP growth rate (stripping out one-offs) is firm and points to a decent outcome for Q3 GDP (we forecast +0.7% qoq with upside risks).”

“Medium term, though, we remain bearish, based on our Fed/economy based expectation that the USD will rise further, and we continue to target 0.64 by year end.”