NZD/USD: A lower beta to AUD – ING

  • The New Zealand dollar has shown resilience compared to its Australian counterpart, as markets see less tariff risk for NZ. Despite the RBNZ's dovish stance—potentially delivering up to 75bp in cuts—NZD is behaving like a lower-beta version of the AUD in response to trade headlines, ING's FX analysts Francesco Pesole and Chris Turner note.