NZD/USD is range-bound around 0.5670 – BBH

FXStreet Insights Team FXStreet

RBNZ Chief Economist Conway stuck to bank’s dovish guidance, BBH FX strategists report.

RBNZ/Fed policy trend remains drag for NZD/USD

“Conway noted that ‘easing domestic pricing intentions and the recent drop in inflation expectations help open the way for some further easing”, adding he anticipates “interest rates to ultimately settle around neutral’.”

“The RBNZ estimates the long-term nominal neutral interest rate to lie between 2.5% and 3.5%. In line with RBNZ guidance, markets continue to imply another 50bps rate cut to 3.75% in February and the policy rate to bottom at 3.00% over the next 12 months. RBNZ/Fed policy trend remains drag for NZD/USD.”

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