In light of the recent month’s price action, we reaffirm, indeed redouble, our conviction in the USD upswing. In that context, the downgrade to our already-bearish NZD/USD forecasts largely reflects the adjustment from the USD side of that equation (Table 1). We now see 0.70 for end-2015 (prev. 0.73) and 0.66 by end-2016 (prev. 0.68). We pencil in a base of 0.65 in mid-2017.
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