The New Zealand dollar depreciated toward $0.60, hovering at its lowest levels since May 2020, as aggressive monetary tightening by the US Federal Reserve and underwhelming Chinese trade data weighed on riskier assets. Last month, the RBNZ delivered its seventh straight interest rate hike by a widely expected margin of 50 basis points to 3%, and signaled that it wanted to get rates to a restrictive level of 4% before pausing. Meanwhile, ANZ Research said New Zealand’s inflation may have peaked at 7.3% reached in the second quarter as oil prices declined significantly from recent highs, while acknowledging that it may accelerate again if factors such as tight labor markets and global inflationary pressures emerge.
Historically, the New Zealand Dollar reached an all time high of 1.49 in October of 1973. New Zealand Dollar - data, forecasts, historical chart - was last updated on September of 2022.
The New Zealand Dollar is expected to trade at 0.60 by the end of this quarter, according to 王者荣耀电竞(江西)积分排榜 global macro models and analysts expectations. Looking forward, we estimate it to trade at 0.57 in 12 months time.