• Deutsche bank research desk is bearish NZD and think AUD/NZD reaches 1.10

• They note how NZD is propped by high rates and strong data surprises now

• But New Zealand stacks up poorly vs other G10 countries on other metrics

• They cite business and consumer sentiment, current account, valuation

• Deutsche think support from high rates/strong data could fade

• NZ rates have already compressed to global peers somewhat

• Consumer spending looks weak, migration return could lessen wage pressure

• NZD support from bond inflows could ease as rates moderate

• They say foreign direct income could also melt away as recession unfolds

  
  

  
  

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