Forex Flash: NZD/JPY to fly high on Yen sliding - BNZ
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NZD/JPY
FXstreet.com (Barcelona) - Bank of New Zealand has now revised up NZDJPY forecasts for the next 18 months.
According to BNZ FX strategist Mike Jones, "we now see NZDJPY at 70.50 by year-end, with the cross expected to remain around this level through to December 2013, and expected to gradually trend lower through 2014." In practice, "this would imply NZDJPY moving from the reliable 58.00-69.00 range of the past three years to a higher 62.00-72.00 range" Mr. Jones adds.
"We see a new-look BoJ pursuing inflation much more aggressively, including via direct measures to weaken the JPY; a more dovish BoJ would add to JPY headwinds from a deteriorating balance of payments position and higher US bond yields" Mike notes.
According to BNZ FX strategist Mike Jones, "we now see NZDJPY at 70.50 by year-end, with the cross expected to remain around this level through to December 2013, and expected to gradually trend lower through 2014." In practice, "this would imply NZDJPY moving from the reliable 58.00-69.00 range of the past three years to a higher 62.00-72.00 range" Mr. Jones adds.
"We see a new-look BoJ pursuing inflation much more aggressively, including via direct measures to weaken the JPY; a more dovish BoJ would add to JPY headwinds from a deteriorating balance of payments position and higher US bond yields" Mike notes.
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