I had this from Westpac earlier: Westpac sees the NZD/USD averaging 83 cents for the remainder of this year
More economist comments:
ANZ bank senior foreign exchange strategist Sam Tuck:
- said the decline in dairy prices was a “kick in the teeth” for what has been a shining New Zealand commodities story
- “We no longer have the exuberance in the export markets that we had before”
Bank of New Zealand economist Doug Steel
- Said last year’s strong dairy prices had been a key support for the New Zealand dollar by bolstering the terms of trade – but that “The commodities support (for the terms of trade) has now been eroded”
- “It has not come through in official statistics yet, but when it does we expect the trade numbers to be printing a lot worse than they were earlier in the year”
- BNZ expects to see the NZD at US80c by the end of the year, “There are some clouds emerging”
- “Obviously, there lower dairy and log prices, but it’s important to note that it’s not all heading in the one direction”
