RBNZ Rate Cut Wagers Leave New Zealand Dollar Eyeing 2022 Low [Yahoo! Finance Canada]
NATL AUSTRALIA BK S/ADR (NABZY)
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Source: Yahoo! Finance Canada
Most Read from Bloomberg The currency weakened to a one-year low versus the dollar last week as the Reserve Bank of New Zealand's downbeat view of the economy and concern over the impact of potential tariffs under Donald Trump's administration spurred traders to bet on large rate cuts. The swaps market is pricing in a 50-basis-point cut this week, with some seeing a small chance of a 75-basis-point reduction. “This isn't going to offer the New Zealand dollar any support in the context of what Trump 2.0 might deliver in the first half of 2025 regarding tariffs and what that means for China and the global growth outlook,” said Ray Attrill, Sydney-based head of FX strategy at National Australia Bank Ltd. “Hence we aren't ruling out NZD dropping to as low as 0.55 next year.” The kiwi has fallen about 8% so far this quarter aided by the RBNZ's 75 basis points of rate cuts since August. The greenback's surge on so-called Trump trades, concern over the knock-on effect of potential US
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