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ANZ Deem NZD Weakness As Temporary

NZD

ANZ note that "ahead of former Fed Chair, Janet Yellen's, Senate confirmation hearing as US Treasury Secretary tomorrow and President elect, Joe Biden's, inauguration on Wednesday, the US dollar is retaining its firmer tone. Markets are continuing to navigate the cross currents of a change in leadership amid the current weakness in US economic data and will pay particular attention to anything Yellen might say on US dollar policy. Looking into the first 100 days of Biden's administration the focus will be on rolling out the vaccine and providing economic stimulus. Both are consistent with a weaker USD. We therefore view NZD weakness as temporary and look for signals to re-establish long positions."

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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