Analysts suspect the Australian and New Zealand dollars have climbed too far, too fast and a pullback is likely in the near term, though both are expected to move higher over a one-year horizon.
FILE PHOTO: A New Zealand dollar coin sits next to other coins and atop a five-dollar note in this photo illustration taken April 4, 2016. REUTERS/David Gray/Illustrationin one month, up sharply from the $0.6020 level predicted in the April survey.
“Near–term, we see the risk that markets falter and that a risk–off mood returns, potentially sending the AUD back to $0.6200,” cautioned Westpac chief economist Bill Evans. The Reserve Bank of Australia this week forecast the local economy would shrink by 8% in the year to June, while unemployment would double to around 10%.
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