Goldman Sachs
Global FX Strategy 2026
LIVE10 January 2026USD bearish
Back to CurrenciesModerately Bullish
NZD/USD
Moderately bullish NZD on growth recovery from trough. RBNZ deep cuts have botto
GS Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
Growth recovery
RBNZ near terminal
Housing cycle turn
Lower yield vs AUD
All Firm Targets (Dec '26)
INGBullish0.6200
DBModerately Bullish0.6200
MSNeutral to Slightly Bullish0.6100
GSModerately Bullish0.6000
MUFGNeutral to Slightly Bullish0.6000
BofANeutral0.6000
JPMNeutral0.5900
BARCNeutral0.5900
Analysis Summary
Moderately bullish NZD on growth recovery from trough. RBNZ deep cuts have bottomed the cycle, and domestic demand rebound supports NZD. However, low yield relative to AUD limits relative performance. Prefer AUD over NZD.