ANZ Research discusses its outlook and targets for NZD/USD.

"The NZD has been broadly softer in recent weeks, as falling risk sentiment linked to the Middle East conflict weighed on the NZD. New Zealand’s status as a net energy importer exposes the NZD to higher oil prices. Domestic fundamentals remain mixed but showing signs of improvement...At the margin, weaker than expected GDP gives the RBNZ scope to look through the near-term inflationary impact of the oil shock. Market expectations point to 50bp of hikes in 2026," ANZ notes.

"In the near term, we see the NZD/USD at 0.60 in Q2 and 0.64 at year-end. Our view is underpinned by signs of domestic strength evident in data, in line with recent survey indicators," ANZ adds.