NZ bank exchange rate forecasts,
side by side.
This page lists each NZ bank's latest published forecasts for the NZ dollar and the Official Cash Rate, with the date of the note and a link to it. The newest is BNZ (9 Nov 2026), which sees NZD/USD at 0.58 by December 2026. Kiwibank is still to be added.
Published 18 September 2026
What does ANZ forecast for the NZ dollar?
Source: ANZ NZ Latest forecasts (spreadsheet). End-of-period forecasts as published.
| Pair | Today (ECB) | Dec 2026 | Mar 2027 | Jun 2027 | Sep 2027 | Dec 2027 | Mar 2028 | Jun 2028 | Dec 2028 |
|---|---|---|---|---|---|---|---|---|---|
| NZD/USD → | 0.5584 | 0.58 | 0.58 | 0.59 | 0.59 | 0.60 | — | — | — |
| NZD/AUD → | 0.8140 | 0.81 | 0.81 | 0.81 | 0.81 | 0.81 | — | — | — |
| NZD/EUR → | 0.5018 | 0.51 | 0.50 | 0.51 | 0.51 | 0.51 | — | — | — |
| NZD/GBP → | 0.4196 | 0.44 | 0.43 | 0.44 | 0.43 | 0.44 | — | — | — |
| NZD/JPY → | 88.91 | 90.5 | 89.3 | 89.7 | 88.5 | 88.8 | — | — | — |
| NZD/CNY → | 3.7247 | 3.83 | 3.80 | 3.85 | 3.84 | 3.90 | — | — | — |
| TWI →Trade-weighted index | — | 65.5 | 65.2 | 66.0 | 65.8 | 66.6 | — | — | — |
| OCR →Official Cash Rate, % | 2.75 | 3.00 | 3.50 | — | — | 3.50 | — | — | — |
ANZ's NZD/AUD, NZD/EUR, NZD/GBP and NZD/JPY figures are crosses derived from its USD forecasts, rounded here. The note was finalised on 18 Sep 2026, before the RBNZ's 28 October 2026 decision.
Published 19 October 2026
What does Westpac forecast for the NZ dollar?
Source: Westpac NZ Weekly Commentary, 19 October 2026 (Economic and financial forecasts table). End-of-period forecasts as published.
| Pair | Today (ECB) | Dec 2026 | Mar 2027 | Jun 2027 | Sep 2027 | Dec 2027 | Mar 2028 | Jun 2028 | Dec 2028 |
|---|---|---|---|---|---|---|---|---|---|
| NZD/USD → | 0.5584 | 0.56 | 0.58 | — | — | 0.64 | — | — | 0.65 |
| NZD/AUD → | 0.8140 | 0.79 | 0.81 | — | — | 0.87 | — | — | 0.90 |
| NZD/EUR → | 0.5018 | 0.49 | 0.50 | — | — | 0.52 | — | — | 0.54 |
| NZD/GBP → | 0.4196 | 0.42 | 0.43 | — | — | 0.46 | — | — | 0.46 |
| TWI →Trade-weighted index | — | 63.4 | 64.7 | — | — | 69.4 | — | — | 70.4 |
| OCR →Official Cash Rate, % | 2.75 | 3.00 | 3.50 | — | — | 4.00 | — | — | 3.75 |
From Westpac's note: NZD/AUD touched 0.8004 in the week to 19 Oct 2026, its lowest in 13 years. Westpac sees a return to about 0.83 as possible if New Zealand's recovery strengthens over the coming months, and NZD/USD at about 0.58 by the end of 2026.
Published October 2026
What does ASB forecast for the NZ dollar?
Source: ASB Economic Forecast Update, October 2026 (FX forecasts by CBA's FX strategists, last updated August 2026). End-of-period forecasts as published.
| Pair | Today (ECB) | Dec 2026 | Mar 2027 | Jun 2027 | Sep 2027 | Dec 2027 | Mar 2028 | Jun 2028 | Dec 2028 |
|---|---|---|---|---|---|---|---|---|---|
| NZD/USD → | 0.5584 | 0.57 | 0.56 | 0.57 | 0.58 | 0.59 | 0.59 | 0.59 | — |
| NZD/AUD → | 0.8140 | 0.86 | 0.88 | 0.88 | 0.87 | 0.87 | 0.86 | 0.84 | — |
| NZD/EUR → | 0.5018 | 0.51 | 0.51 | 0.52 | 0.54 | 0.55 | 0.56 | 0.56 | — |
| NZD/GBP → | 0.4196 | 0.44 | 0.44 | 0.46 | 0.48 | 0.49 | 0.49 | 0.49 | — |
| NZD/JPY → | 88.91 | 91.0 | 91.3 | 94.1 | 94.5 | 95.0 | 93.8 | 92.0 | — |
| NZD/CNY → | 3.7247 | 3.80 | 3.70 | 3.80 | 3.80 | 3.90 | 3.90 | 3.90 | — |
| TWI →Trade-weighted index | — | 64.2 | 64.1 | 65.1 | 65.9 | 66.8 | 66.7 | 66.4 | — |
| OCR →Official Cash Rate, % | 2.75 | 3.25 | 3.25 | 3.25 | 3.25 | 3.25 | 3.25 | 3.25 | — |
From ASB's note: ASB forecasts NZD/USD falling to 0.5650 by the end of 2026, and NZD/AUD lifting to about 0.8560 by year-end and about 0.8770 by mid-2027 (p13).
ASB's exchange rate forecasts come from the FX strategists at its parent, Commonwealth Bank of Australia, and were last updated in August 2026. The note itself is dated October 2026, with no day given.
Published 9 November 2026
What does BNZ forecast for the NZ dollar?
Source: BNZ Markets Outlook, 9 November 2026 (Quarterly Forecasts table). End-of-period forecasts as published.
| Pair | Today (ECB) | Dec 2026 | Mar 2027 | Jun 2027 | Sep 2027 | Dec 2027 | Mar 2028 | Jun 2028 | Dec 2028 |
|---|---|---|---|---|---|---|---|---|---|
| NZD/USD → | 0.5584 | 0.58 | 0.58 | 0.58 | 0.59 | 0.59 | 0.60 | 0.61 | — |
| NZD/AUD → | 0.8140 | 0.81 | 0.82 | 0.84 | 0.87 | 0.88 | 0.88 | 0.88 | — |
| NZD/EUR → | 0.5018 | 0.50 | 0.50 | 0.50 | 0.51 | 0.51 | 0.53 | 0.54 | — |
| NZD/GBP → | 0.4196 | 0.43 | 0.44 | 0.44 | 0.45 | 0.45 | 0.46 | 0.47 | — |
| NZD/JPY → | 88.91 | 89.1 | 88.0 | 87.6 | 88.5 | 87.9 | 88.8 | 89.7 | — |
| TWI →Trade-weighted index | — | 64.8 | 64.8 | 65.3 | 66.7 | 66.9 | 68.0 | 69.0 | — |
| OCR →Official Cash Rate, % | 2.75 | 3.00 | 3.50 | 3.75 | 3.75 | 3.75 | 3.75 | — | — |
Head to head
Where do the banks agree, and where do they split?
December 2026 and December 2027 calls for each pair that every bank we track publishes. Today's figure is the ECB reference rate, 11 Nov 2026.
| Pair | Today | Banks | ANZ Dec 2026 | Westpac Dec 2026 | ASB Dec 2026 | BNZ Dec 2026 | ANZ Dec 2027 | Westpac Dec 2027 | ASB Dec 2027 | BNZ Dec 2027 |
|---|---|---|---|---|---|---|---|---|---|---|
| NZD/USDToday 0.5584 | 0.5584 | Dec 20260.56–0.58Dec 20270.59–0.64 | 0.58 | 0.56 | 0.57 | 0.58 | 0.60 | 0.64 | 0.59 | 0.59 |
| ||||||||||
| NZD/AUDToday 0.8140 | 0.8140 | Dec 20260.79–0.86Dec 20270.81–0.88 | 0.81 | 0.79 | 0.86 | 0.81 | 0.81 | 0.87 | 0.87 | 0.88 |
| ||||||||||
| NZD/EURToday 0.5018 | 0.5018 | Dec 20260.49–0.51Dec 20270.51–0.55 | 0.51 | 0.49 | 0.51 | 0.50 | 0.51 | 0.52 | 0.55 | 0.51 |
| ||||||||||
| NZD/GBPToday 0.4196 | 0.4196 | Dec 20260.42–0.44Dec 20270.44–0.49 | 0.44 | 0.42 | 0.44 | 0.43 | 0.44 | 0.46 | 0.49 | 0.45 |
| ||||||||||
| TWI | — | Dec 202663.4–65.5Dec 202766.6–69.4 | 65.5 | 63.4 | 64.2 | 64.8 | 66.6 | 69.4 | 66.8 | 66.9 |
| ||||||||||
This is what the banks expect. It isn't advice on when to send, and bank forecasts are often wrong.
Which other NZ dollar pairs do we cover?
NZD/INR, NZD/PHP, NZD/CAD and NZD/SGD have their own pages, though no NZ bank we track forecasts them directly:
The next big moment
When is the next RBNZ decision?
The Reserve Bank of New Zealand reviews the Official Cash Rate (OCR) alongside its Monetary Policy Statement. OCR decisions often move the NZ dollar on the day. Source: Westpac NZ Weekly Commentary, 19 Oct 2026 (calendar).
OCR dates and bank calls- 2.75%OCR now, raised in September 2026
- 3.00%ANZ's OCR call for Dec 2026 (18 Sep 2026)
- 3.00%Westpac's OCR call for Dec 2026 (19 Oct 2026)
- 3.25%ASB's OCR call for Dec 2026 (October 2026)
- 3.00%BNZ's OCR call for Dec 2026 (9 Nov 2026)
- 9 Dec 2026Monetary Policy Statement
FAQ
What else do people ask about NZ bank forecasts?
Straight answers, with the source and date for every figure.
Which NZ banks publish exchange rate forecasts?
ANZ, ASB, BNZ, Westpac and Kiwibank all publish economic forecasts that include the NZ dollar. This page currently holds ANZ (18 Sep 2026), Westpac (19 Oct 2026), ASB (October 2026) and BNZ (9 Nov 2026). Kiwibank is being added. Each bank name links to the note the figures came from.
How often do NZ banks update their NZD forecasts?
It varies by bank. Some publish a full forecast table weekly in their commentary, others quarterly or after big events such as an RBNZ decision. We show the date of each bank's latest note, and we re-date or remove any forecast more than three months old.
Why do the banks disagree?
Each bank makes its own assumptions about NZ and overseas interest rates, the US dollar and the NZ economy. For NZD/USD at the end of 2027, Westpac (19 Oct 2026) expects the most recovery, at 0.64, and ASB (October 2026) and BNZ (9 Nov 2026) the least, at 0.59. Showing them side by side is the point of this page.