NZ dollar TWI forecast:
what NZ banks expect.
All four banks we track expect the NZ dollar's trade-weighted index (TWI) to be higher by December 2027 than at the end of 2026. Their December 2027 calls run from 66.6 (ANZ) to 69.4 (Westpac). The newest, BNZ (9 Nov 2026), sees 66.9. Westpac said the TWI was at a 17-year low.
What is the NZ dollar TWI?
The trade-weighted index (TWI) measures the New Zealand dollar against a basket of the currencies of New Zealand's main trading partners, weighted by how much New Zealand trades with each. The Reserve Bank of New Zealand publishes it. A higher TWI means a stronger NZ dollar overall; a lower one means each NZ dollar buys less abroad across the board.
A single pair such as NZD/USD or NZD/AUD can move because of the other currency. The TWI shows whether the NZ dollar itself is weak or strong.
What do NZ banks forecast for the TWI?
For the end of 2026 the calls run from 63.4 (Westpac) to 65.5 (ANZ); for the end of 2027, from 66.6 (ANZ) to 69.4 (Westpac). ANZ expects the steadiest path. All are end-of-period figures, as each bank published them:
| Bank · published | Dec 2026 | Mar 2027 | Jun 2027 | Sep 2027 | Dec 2027 | Mar 2028 | Jun 2028 | Dec 2028 |
|---|---|---|---|---|---|---|---|---|
| BNZ →9 Nov 2026 | 64.8 | 64.8 | 65.3 | 66.7 | 66.9 | 68.0 | 69.0 | — |
| Westpac →19 Oct 2026 | 63.4 | 64.7 | — | — | 69.4 | — | — | 70.4 |
| ASB →October 2026 | 64.2 | 64.1 | 65.1 | 65.9 | 66.8 | 66.7 | 66.4 | — |
| ANZ →18 Sep 2026 | 65.5 | 65.2 | 66.0 | 65.8 | 66.6 | — | — | — |
Sources: BNZ Markets Outlook, 9 November 2026 (Quarterly Forecasts table); Westpac NZ Weekly Commentary, 19 October 2026 (Economic and financial forecasts table); ASB Economic Forecast Update, October 2026 (FX forecasts by CBA's FX strategists, last updated August 2026); ANZ NZ Latest forecasts (spreadsheet). A dash means the bank gives no figure for that date. Kiwibank forecasts are not yet on file.
Only Westpac goes out to December 2028, when it sees 70.4. ANZ's spreadsheet was finalised on 18 September 2026, before the RBNZ's 28 October 2026 decision.
Why is the NZ dollar TWI so low?
Westpac's 19 October 2026 note put the NZ dollar at a 17-year low in trade-weighted terms. In the same note, NZD/AUD had touched 0.8004, its lowest in 13 years, and NZD/USD had dropped to 0.5565 after US inflation data surprised on the high side. The weak NZ dollar guide covers what Westpac says is behind it, including the interest-rate gap with the US.
The RBNZ's Official Cash Rate is 2.75% (since September 2026), and the next decision is on 9 December 2026. See the OCR page.
What does a low TWI mean for New Zealanders?
A low TWI means NZ dollars buy less foreign currency almost everywhere, so overseas payments, imports and travel cost more. Westpac also sees an upside: it says the cheap NZ dollar helps explain a pickup in New Zealand manufacturing, which had been flat, and more visitors from markets such as Australia.
If you're sending money overseas, the TWI tells you whether the NZ dollar is weak in general. The rate you get still depends on the pair and the provider. Compare quotes on sending money overseas from NZ, and see every bank's forecast by pair.
This page reports the banks' published forecasts. It isn't advice on when to send or convert money.
FAQ
What else do people ask about the NZ dollar TWI?
Straight answers, with the source and date for every figure.
Will the NZ dollar TWI go up?
All four banks we track expect it to be higher at the end of 2027 than at the end of 2026. BNZ (9 Nov 2026) forecasts 64.8 by December 2026 and 66.9 by December 2027, a change of +3.2%. Westpac (19 Oct 2026) forecasts 63.4 by December 2026 and 69.4 by December 2027, a change of +9.5%. ASB (October 2026) forecasts 64.2 by December 2026 and 66.8 by December 2027, a change of +4.0%. ANZ (18 Sep 2026) forecasts 65.5 by December 2026 and 66.6 by December 2027, a change of +1.7%. Bank forecasts are often wrong.
What is the NZ dollar TWI right now?
We don't show a live TWI, because the Reserve Bank of New Zealand publishes the official series and we only quote dated figures. ANZ's 18 Sep 2026 spreadsheet records 66.8 at the end of August 2026, and Westpac's 19 Oct 2026 note said the TWI was at a 17-year low.
How is the TWI different from NZD/USD?
NZD/USD is the NZ dollar against one currency. The trade-weighted index measures it against a basket of the currencies of New Zealand's main trading partners, so it shows whether the NZ dollar is weak or strong overall. On 11 Nov 2026, NZ$1 bought US$0.5584 on the ECB reference rate.