Info via a GS (economists) client note on the Australian and New Zealand dollars
Forecasts for AUD/USD
3-month 0.68 (prior forecast was 0.70)
6-month 0.6 (from 0.72)
12-month 0.70 (from 0.75 previously)
NZD/USD
3-month 0.65 (from 0.66 previously)
6-month0.66 (0.68)
12-month 0.67 (from 0.71)
GS reasoning:
protracted US / China trade war
weaker Australian economic growt
RBNZ's bigger than was expected rate cut
h and a larger-than-expected rate cut by the Reserve Bank of New Zealand has Goldman Sachs strategists including Zach Pandl revising lower forecasts for the Australian and New Zealand dollars.
GS say that "a lot of bad news is already in the price" but rallies will be limited by the trade conflict and weaker growth
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