#NZDUSD @ 0.60650 to appreciate over 2023 as the US debt-ceiling deal gets through Congress – ANZ
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USD strength has been a headwind for the Kiwi. But economists at ANZ Bank expect the NZD/USD to move back higher if the debt-ceiling issue is resolved.
“Our sense is that the consolidation we’re seeing reflects carry, with the NZD the only G10 currency that carries positively against the USD, but as we saw last week, it may be vulnerable to Dollar strength if US bond yields rise a bit more, or if markets continue to fret about getting the debt-ceiling deal through Congress. Assuming the latter is resolved in the nick of time as usual, carry will endure, and that’s one factor behind our expectation of gradual NZD appreciation over 2023.”
“Last week’s MPS was a dovish surprise, but it’s behind us now and markets are looking to the future.”
“Support 0.5750/0.5900/0.6085 Resistance 0.6365/0.6540”
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