NZD-USD and AUD-USD are likely to consolidate over the near term, but AUD-NZD could go higher. While it still takes time to understand the impact of the recent stimulus measures from China on demand for Australia’s commodity exports, China’s strong industrial output data for April highlight robust steel demand outside the property sector, probably providing more support to the AUD than the NZD. Finally, if risk appetite remains robust, the AUD and NZD - high-yielding, procyclical currencies in G10 space - are likely to end 2024 on a higher note, but it will probably be a bumpy ride.
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