The cyclically-sensitive antipodean currencies have had a tough year so far, and a fair bit of bad news already appears priced in to both the aussie and the kiwi. Nonetheless, we don’t think their recent rebound will prove the start of a sustained recovery; we continue to expect some further weakness against the US dollar over the coming months, and only a limited rebound in 2024.
In view of the wider interest, we are sending this FX Market Update to clients of the Australia & New Zealand Economics service.
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