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“NZD will probably come under pressure in the next few weeks”

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Eamonn Sheridan

A snippet from HSBC, with a view on the New Zealand dollar, looking for a lower kiwi in the weeks ahead citing “broad risk sentiment and shorter-term yield differentials.”

  • Markets may be concerned as policy rates move into restrictive territory, and a hawkish policy stance may cause ‘hard-landing’ risks to rise
  • With the Fed having a much firmer footing from which to tighten further, shorter-term New Zealand-US yield differentials are unlikely to offer much support the NZD

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Huh. Hardly an hour passes now without someone adding to the chorus of more Fed tightening coming. I mean, it is, but for positioning purposes the consensus is very, errr, consensusy (I know that’s not a word but you know what I mean, yeah?)

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