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Westpac notes that "the NZD has outperformed...>

KIWI
KIWI: Westpac notes that "the NZD has outperformed all G10 currencies since
July. We attribute that to (1) a strong run of NZ data surprises (see previous
page), and (2) speculator positioning which is extremely short NZD. Over the
next few weeks, NZD/USD could run even higher, with 0.7050 the next upside
target. Longer term, though, there is reason to expect a decline.to the low
0.60s in 2019. The pace of positive NZ data surprises is unlikely to be
maintained in 2019. For example, the Q3 jobs report was implausibly strong and
some statistical payback is expected. In addition, we expect the US dollar to
resume its uptrend, fuelled by four more Fed rate hikes."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MarketsForeign Exchange Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MarketsForeign Exchange Bullets

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