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22 Apr 2015
AUD/NZD: Sub-parity likely, well below fair value - Westpac
FXStreet (Bali) - Sean Callow, FX Strategist at Westpac, notes that while AUD/NZD sub-parity is likely, it will be well below fair value.
Key Quotes
"AUD/NZD is likely to remain heavy so long as Australia’s sluggish economy keeps the RBA considering further easing and the RBNZ continues to signal a steady hand."
The pair has dodged parity several times recently but should spend at least a little time below the figure soon. The 30 Mar RBNZ meeting is one potential catalyst. Note however that this would be best seen as overshooting, with our fair value estimate around 1.06.
Key Quotes
"AUD/NZD is likely to remain heavy so long as Australia’s sluggish economy keeps the RBA considering further easing and the RBNZ continues to signal a steady hand."
The pair has dodged parity several times recently but should spend at least a little time below the figure soon. The 30 Mar RBNZ meeting is one potential catalyst. Note however that this would be best seen as overshooting, with our fair value estimate around 1.06.