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Economists at Westpac see potential for a deeper pullback in the NZD/USD pair to around 0.7100. Multi-month, they expect the kiwi higher to 0.7500, on improving global sentiment and NZ commodity prices.

Key quotes

“There’s potential for a pullback to around 0.7100. However, we remain bullish medium-term, and note that the 0.7100 area has provided solid support over the past three months.”

“Medium-term, we target 0.7550 by May, a key driver is expected to be a continuation of the global recovery which should see commodity currencies outperform.”