What are AUD to NZD forecasts?
Based on recent forecasts and market updates, FX analysts predict a stable outlook for the AUDNZD exchange rate in the short term. In the past three months, the AUD to NZD rate has traded within a narrow range of 3.4%, indicating a degree of stability. However, economists advise that changes in commodity prices, trade policies, and political developments in Australia could impact the AUD's value, while risk appetite could drive movements of the NZD.
The latest updates suggest that the AUD initially stumbled due to the risk-off sentiment, but later rebounded, despite there being no clear catalyst for the movement. Similarly, the NZD faced initial pressure before rebounding and edging higher against some of its peers, underpinned by ongoing bets on another Reserve Bank of New Zealand interest rate hike. Therefore, it is unclear which of these currencies is likely to perform better, as there is a lack of relevant data from New Zealand today. However, economists predict that the AUD would be at 0.71 USD by the end of 2023, while the consensus in the survey is that the RBA would make its first rate cut in early 2024.