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May 27 - 12:55 PM

NZD: RBNZ Hawkishness May Provide Further Support To NZD Vs AUD But Not Necessarily Vs USD - Danske

By eFXdata  —  May 27 - 10:45 AM

Danske Research discusses NZD outlook in light of this week's hawkish shift from the RBNZ.

"The Reserve Bank of New Zealand surprised the markets hawkishly by signalling the first rate hike already in Q3 2022, and a total of six 25bp hikes by mid-2024. The new rate path indicates a much faster hiking cycle than what markets had priced in prior to the meeting, which lifted NZD/USD," Danske notes.

"While the central bank's hawkishness might provide further support to NZD against AUD, we still look for lower NZD/USD if commodity prices continue to ease from the current very high levels, and Fed eventually follows suit with a hawkish shift," Danske adds. 

Source:
Danske Research/Market Commentary

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