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Mar 08 - 01:24 AM
NZD: Going Nowhere Fast; Close To Fairly Priced N-Term - NAB
First appeared on eFXplus on Mar 07 - 01:45 PM

NAB Research discusses NZD outlook and adopts a neutral bias in the near-term.

"The NZD continues to track sideways. On rounded figures a range of 0.6650-0.6950 has been in play since the start of November

Risk appetite, commodity prices and NZ-US rate spreads are the factors underlying our short-term NZD model, for which our model estimate has crept up to around 0.6850 – close enough to the spot rate to suggest that the NZD is fairly priced," NAB notes. 

"With a fairly uneventful economic calendar over the next two weeks, it’s hard to see any near-term domestic forces impacting the currency. The next key release is Q4 GDP data on 21 March. We also can’t see any near-term global catalysts to break the NZD out of the range. A US-China trade agreement looks increasingly likely and should be well-priced by now, so we aren’t expecting much of a sustained NZD reaction. Our forecasts remain anchored around 0.67-0.70," NAB adds. 

Source:
NAB Research/Market Commentary

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