2023-2024 Exchange Rate Forecasts From MUFG
Growth Concerns hamper Commodity Currencies
MUFG notes important uncertainty over the outlook for Reserve Bank of Australia (RBA) policy.
On balance it expects that the RBA will not hike rates again.
As far as the currency is concerned, it adds; “We continue to see AUD/USD moving higher but assume underperformance relative to core G10 as growth globally and in Australia remains challenging.”
MUFG notes that the government and Reserve Bank of New Zealand have revised their GDP forecasts and no longer expect a recession, but is doubtful whether the upgrade is justified.
It adds; “These conditions imply the government and the RBNZ’s GDP forecasts could be unrealistic. NZD/USD gains as the dollar weakens could be curtailed as aggressive monetary tightening hits growth.”
MUFG expects that weaker risk conditions will hamper the Canadian dollar with forecasts of USD/CAD declines based on US weakness rather than Canadian currency gains.
Growth Concerns hamper Commodity Currencies
MUFG notes important uncertainty over the outlook for Reserve Bank of Australia (RBA) policy.
On balance it expects that the RBA will not hike rates again.
As far as the currency is concerned, it adds; “We continue to see AUD/USD moving higher but assume underperformance relative to core G10 as growth globally and in Australia remains challenging.”
MUFG notes that the government and Reserve Bank of New Zealand have revised their GDP forecasts and no longer expect a recession, but is doubtful whether the upgrade is justified.
It adds; “These conditions imply the government and the RBNZ’s GDP forecasts could be unrealistic. NZD/USD gains as the dollar weakens could be curtailed as aggressive monetary tightening hits growth.”
MUFG expects that weaker risk conditions will hamper the Canadian dollar with forecasts of USD/CAD declines based on US weakness rather than Canadian currency gains.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.