AUD and NZD have both made strong starts in 2023. Economists at CIBC Capital Markets expect Antipodeans currencies to stabilize before staging another leg higher.
Early year gains face near-term headwinds
“The current outlook is for some consolidation in both AUD and NZD before gains through the remainder of the year. The near-term prompt for that is a retracement and pause being seen in USD/CNH.”
“In the medium-term, the leverage of both the AUD and NZD to a significantly more constructive China outlook than previously anticipated is real, and is more so for AUD.”
“Q1 2023: 0.68 | Q2 2023: 0.69 (AUD/USD)”
“Q1 2023: 0.63 | Q2 2023: 0.63 (NZD/USD)”
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