NZD/USD: Forecasting a mild appreciation over 2023, but it is a close call – ANZ NZDUSD NewZealand Fed Volatility Banks
‘skip’. That, and a decent performance by risk assets, is keeping the NZD elevated, economists at ANZ Bank report.Correlations remain high across G10 currencies, with US factors driving most things and local factors playing second fiddle. NZ now sports a recession badge, and it is getting attention globally, and the current account is at a precarious level. But going the other way, markets are clearly keen to call time on the Fed, and that’s weighing on the USD.
At the margin, we suspect the USD adjustment lower will be the more powerful force, and that’s why we are forecasting a mild appreciation over 2023, but it’s a close call.Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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