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Aug 26 - 06:55 PM

AUD/NZD: More Downside Risk To AUD Than NZD: 3 Reasons - ING

By eFXdata  —  Aug 26 - 03:00 PM

ING Research maintains a bearish bias on AUD/NZD.

"NZD has benefitted from a de-facto confirmation that the RBNZ will hike in October from Assistant Governor Christian Hawkesby (who also hinted at a possible 50bp move), while a rebound in iron ore offered some support to AUD," ING notes.

"Still, AUD remains more exposed to downside risks than NZD in our view, considering: a) iron ore prices could fall again (they are still well above their 2020 average); b) the Covid crisis in Australia remains serious, with lockdowns likely to remain in place in September, while the exit from recent restrictions in New Zealand appears more imminent; c) AUD cannot count on a domestic monetary tightening prospects," ING adds.

Source:
ING Research/Market Commentary

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