USD/CNY may have topped out, potentially limiting AUD and NZD downside – ANZ

Market news

6 July 2023

USD/CNY may have topped out, potentially limiting AUD and NZD downside – ANZ

Kiwi edged lower on Wednesday, having fallen victim to a bounce in the USD as bond yields ratcheted another notch higher. Economists at ANZ Bank analyze NZD/USD outlook.

There are some offsets to higher US bond yields

Amid yet another quiet data week locally and with the RBNZ on track to pause next week we’re left mulling over things like the impact NZGB issuance will have on the Kiwi given most of the buyers will be foreign, and tentative signs USD/CNY may have topped out, potentially limiting AUD and NZD downside. So there are some offsets to higher US bond yields.

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