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BNZ note that they "have had high conviction...>

- Bonds & Currency News | Market News" >
KIWI: BNZ note that they "have had high conviction on an NZD recovery, given its
very cheap starting point and expected pro-cyclical forces. Positive macro
forces now look to be clearly in play, alongside USD-vulnerability, seeing
slightly earlier than expected NZD strength and a push up through our short-term
NZD/USD fair value estimate near $0.62. But our positive medium-term thesis
remains, on our view that the global economic recovery underway has legs.
Currencies don't move up in straight lines and a short-term pullback wouldn't
surprise but we upgrade our projections, targeting $0.66 by year-end and $0.70
by the end of next year."
- Bonds & Currency News | Market News" >
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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