Market Outlook for the New Zealand dollar
The New Zealand dollar fell against the US dollar to a 6-month low of $0.651 in mid-May after the Reserve Bank of New Zealand cut interest rates to 1.5 percent.
The kiwi was also struggling against CAD, JPY and EUR, among other currencies, and wasn’t being helped by a significant escalation in US-China trade tensions which saw speculative capital leave New Zealand for safer pastures.
NZD is also suffering due to its high correlation with the Australian dollar — a currency also likely to be pressured by an interest rate cut in the coming months.
For more details read the full article NZ dollar news and forecasts.
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US Dollar Market Outlook
The US dollar has held its value this year despite a serious escalation in US-China trade tensions, mainly because the greenback is still considered a safer currency to own than most others. After grim employment data on June-7, the Dollar Index was up 0.5 percent on the year (it had fallen 2 percent from May’s 2-year high).
As in other parts of the world, interest rate cuts are now expected in the US following a drastic shift in economic forecasts. At least two Fed cuts are expected this year, with the first most likely to come in July.
Taking the blame for the economic downturn is US President Donald Trump, whose trade policies have set a ball rolling that could wipe $455bn from global output according to the IMF.
Recent NZD News
The struggling Australian dollar will lose a further 5 percent of its value against the US dollar and pound before the year is out, and 3 percent against the euro and New Zealand dollar, Westpac predicted on Friday.
Last update: 25 May, 2019
The Australian dollar-New Zealand dollar exchange rate rose on Friday to a 10-week high as traders continue to make bets on monetary policy divergence between the RBA and RBNZ. Even higher rates are expected by teams at TD Securities and Societe Generale.
Last update: 5 Apr, 2019
Australian Dollar Market Outlook
In late May the Australian dollar stabilized after a shocking mid-April to mid-May period, during which it suffered across-the-board losses, including losses worth 5 percent against the US dollar. May’s closing exchange rate of US69.3¢ keeps the Aussie near long-term lows, but it’s an improvement on May-17's rate of 68.7¢ — its lowest weekly closing rate since early 2016.
A stuttering domestic economy and elevated US-China trade tensions (which threaten commodities demand and risk appetite) have driven the Aussie lower.
In an effort to support economic growth and boost inflation, which remains well below target, Australia's central bank cut interest rates in early June, and is expected to do so at least once more this year, making the Australian dollar susceptible to yield-chasing capital outflows.
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