New Zealand dollar's 2024 forecasts.. strong versus US dollar, weak against Sterling

Economies.com
2023-12-20 11:19AM UTC

According to the major New Zealand financial institution ANZ, the New Zealand dollar is expected to regain ground against the dollar in 2024. 

 

The banking institution expects the Kiwi to gain ground next year but with some vlatility amid continued uncertianty about the Reserve Bank of New Zealand's next policy moves. 

 

Therefore the overall picture support the kiwi as a sensitive risk market, with risk appetite expected to rebound in 2024. 

 

ANZ added that positive periodic outlook bodes well for high-yield currencies such as the New Zealand dollar. 

 

The New Zealand dollar was one of the next performing major currencies before the year's end as investment sentient rebounded on prospects of early interest rate cuts by the Federal Reserve in 2024. 

 

ANZ expects kiwi to peform well against its US counterpart, however the pound could prove stronger than the kiwi as the UK economy firms. 

 

Questions marks are still surrounding kiwi's future, depending on the next step by the RBNZ.

 

Investors don't expect another interest rate hike by the RBNZ, but if occured, it'll cause further volatility down the line. 

 

Aggressive policy tightening by the RBNZ could weigh negatively on economic performance and hurt the kiwi in the process.

 

New Zealand Dollar Outlook in 2024

 

The ANZ bank expects the New Zealand dollar \ US dollar pair to hit 0.62 by the end of March 2024, then 0.63 by the end of September. 

 

As for the UK pound \ Kiwi pair, the bank expects it to hit 2.1 by the end of March, and 2.13 by the end of June, then 2.10 by the end of September, and again back to 2.13 by the end of 2024. 

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