Updated NZD view - Fed to send it up, RBNZ to send it back down again
Westpac have updated their short term outlook for the New Zealand dollar.
- Higher in the next few weeks if the Fed delivers dovish guidance with its 25bp rate cut on 31 July.
- WPAC mention potential for 0.6750
- In August, the RBNZ should cut the OCR, noting the soft patch in the economy
- which should send the NZD below 0.6600
Note RBNZ meeting announcement is August 7