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Jul 14 - 09:55 AM

NZD: RBNZ Shifts Stance; If Not Considering Long NZD Vs USD, Go Long NZD Vs AUD - MUFG

By eFXdata  —  Jul 14 - 08:33 AM

MUFG Research discusses NZD outlook and likes short AUD/NZD on back of RBNZ/RBA policy divergence.

"At today’s monetary policy meeting the RBNZ announced that it would end QE by 23rd July while removing the previous reference to needing “considerable time and patience” in order to achieve its monetary policy objectives. The RBNZ clearly stated that the policy of “least regrets” that had warranted leaving the monetary stance loose for longer could in fact be removed sooner than previously indicated," MUFG notes.

"Market participants who may be reluctant to sell the US dollar may well see benefits in selling AUD/NZD given the current RBA guidance is for no rate hike until 2024," MUFG adds. 

Source:
MUFG Research/Market Commentary

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