NZD and AUD likely to struggle over the rest of the year

The high-beta Antipodean currencies had been the worst victims of global trade tensions but have fared better since early April, relative to their G10 peers, as global risk appetite steadily improved. Nevertheless, we think the best days for the Aussie and Kiwi are now in the rear-view mirror and expect them to weaken against the US dollar over the second half of the year.

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