According to Jinshi, the market expects the Reserve Bank of New Zealand to be one of the last countries to cut interest rates, and global investors are betting on a rebound in the New Zealand dollar to the highest level in more than two years. Data from the U.S. Commodity Futures Trading Commission (CFTC) showed that hedge funds' net long positions in the New Zealand dollar increased to 12,563 contracts in the week ending June 25, the highest level since December 2021. Asset management companies' bullish sentiment on the New Zealand dollar also reached its highest level since January 2021. New Zealand's economy has repeatedly entered a recession, and the New Zealand dollar has fallen for five months in the first half of this year, but now investors believe that the New Zealand dollar will rebound. Westpac strategist Imre Speizer said that New Zealand's core inflation rate is still too high, so they are focusing on the 62-63 cents range (0.62-0.63) between the New Zealand dollar and the U.S. dollar.
