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CBA Look For Sidewards Trade Through Most Of ‘23

AUDNZD

CBA note that their “forecasts have AUD/NZD tracking sideways over most of 2023. The Chinese reopening will benefit both AUD and NZD in the short term. And the global recession will weigh on both AUD and NZD as the year progresses. We see upside risks to our AUD/NZD forecasts with AUD/NZD currently trading below our estimates of fair value. Fundamentals indicate AUD/NZD should be higher given the strength in prices for Australia’s key commodity exports. A stronger Chinese manufacturing sector could also see AUD/NZD trade higher than our forecasts with the Australian economy relatively highly exposed to Chinese hard commodity demand.”

  • They forecast AUD/NZD at NZ$1.15 at year-end vs. NZ$1.09-1.11 at end of Q1-Q323.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsForeign Exchange BulletsHomepage

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