Analysts still maintain a remarkably sanguine outlook for the Australian and New...
SYDNEY - Analysts still maintain a remarkably sanguine outlook for the Australian and New Zealand dollars in the latest Reuters poll, even as both carve out multi-year lows amid escalating trade wars and collapsing bond yields.
Fears that the protracted Sino-U.S. trade dispute will tip the world toward recession has seen markets wager the Reserve Bank of Australia will have to cut rates at least twice more to 0.5%, and perhaps adopt quantitative easing. “These latest trade developments are a game changer for our AUD and NZD views,” said Ray Attrill, head of FX strategy at National Australia Bank, noting the Aussie has tended to move in lockstep with the yuan in recent weeks.
It is unlikely the Reserve Bank of New Zealand would agree with that call given it was clearly aiming to lower the currency when cutting rates by a surprisingly steep 50 basis points on Wednesday.
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