According to Jinshi, Rabobank economists revised their 1-month and 3-month forecasts for NZD/USD from 0.6000 to 0.6100 and 0.6200 respectively. Rabobank said that while the NZD may be sold off due to the RBNZ keeping interest rates unchanged next week, the downside potential of the NZD should be limited because it is believed that the RBNZ will be slow to remove its tightening policy. Given that the RBNZ will lag behind the Fed's first rate cut, we believe that NZD/USD has room to rise to 0.6500 in 12 months.