All four banks we track expect the NZ dollar to be higher against the US dollar by December 2027. The newest, BNZ (9 Nov 2026), sees NZD/USD at 0.58 by December 2026 and 0.59 by December 2027. Their December 2027 calls run from 0.59 (ASB and BNZ) to 0.64 (Westpac). The ECB reference rate on 11 Nov 2026 was 0.5584.
Bank forecasts
Each row is one bank's latest published forecast, as at the date shown. Figures are end-of-period levels for one NZ dollar in US dollars.
| Bank · published | Today | Dec 2026 | Mar 2027 | Jun 2027 | Sep 2027 | Dec 2027 | Mar 2028 | Jun 2028 | Dec 2028 |
|---|---|---|---|---|---|---|---|---|---|
| BNZ9 Nov 2026 | 0.5584 | 0.58 | 0.58 | 0.58 | 0.59 | 0.59 | 0.60 | 0.61 | — |
| Westpac19 Oct 2026 | 0.5584 | 0.56 | 0.58 | — | — | 0.64 | — | — | 0.65 |
| ASBOctober 2026 | 0.5584 | 0.57 | 0.56 | 0.57 | 0.58 | 0.59 | 0.59 | 0.59 | — |
| ANZ18 Sep 2026 | 0.5584 | 0.58 | 0.58 | 0.59 | 0.59 | 0.60 | — | — | — |
| Spreadvs today |
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). Kiwibank to be added. ANZ publishes its NZD/USD forecasts as round figures; its note was finalised before the RBNZ's 28 October 2026 decision. "Today" is the ECB reference rate, 11 Nov 2026.
12 months of rates, then the bank calls
Forecast calculator
Type an amount to see it at today's mid-market rate and at each bank's published forecast. It shows what the banks expect. It isn't a quote or advice.
Rates: ECB reference rates converted to NZD, 11 Nov 2026. Forecasts: end-of-period levels from each bank's note, dated. A bank or transfer service will give you less than the mid-market rate.
The past year
On 11 Nov 2026 one NZ dollar bought 0.5584 US dollars on the ECB reference rate. That is −1.2% on a year earlier (0.5652 on 11 Nov 2025) and −0.5% on a month earlier.
This is what the banks expect. It isn't advice on when to send. A bank or transfer service will quote you a rate below the mid-market rate shown here.
The other way round
For money coming into New Zealand, here are the same figures the other way up. We've inverted each bank's NZD/USD figure (1 ÷ forecast), so these are the banks' views in our arithmetic, not separate bank forecasts.
| USD/NZD | Dec 2026 | Mar 2027 | Jun 2027 | Sep 2027 | Dec 2027 |
|---|---|---|---|---|---|
| BNZ9 Nov 2026 | 1.724 | 1.724 | 1.724 | 1.695 | 1.695 |
| Westpac19 Oct 2026 | 1.786 | 1.724 | — | — | 1.563 |
| ASBOctober 2026 | 1.754 | 1.786 | 1.754 | 1.724 | 1.695 |
| ANZ18 Sep 2026 | 1.724 | 1.724 | 1.695 | 1.695 | 1.667 |
Today: 1 USD = 1.7910 NZD (inverted ECB reference rate, 11 Nov 2026).
The next big moment
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 callsWhat drives the rate
Interest-rate gaps are among the biggest drivers of NZD/USD. NZD/AUD forecast · NZD/EUR forecast · NZD/GBP forecast · All bank forecasts
When the RBNZ's Official Cash Rate rises relative to the US Federal Reserve's policy rate, NZ dollar deposits and bonds pay more and the NZD tends to firm against the US dollar. The OCR is 2.75% (since September 2026); ANZ, BNZ and Westpac forecast 3.00% by December 2026, and ASB 3.25%.
In the week before its 19 Oct 2026 note, Westpac reported NZD/USD dropping to 0.5565, its lowest in 18 months, after US inflation data came in higher than expected and the US dollar rose. Two days later the pair was up at 0.5675, as expectations of an October Fed rate hike faded.
Westpac calls a move in NZD/USD to about 0.58 by the end of 2026 plausible. What would get it there, in Westpac's view: a weaker US dollar as markets price fewer Fed hikes, renewed investor appetite for moving money out of US dollars ("de-dollarisation"), and firmer signs that New Zealand's economy is recovering. Its 5-year average for the pair is 0.609, above today's 0.5584.
FAQ
Straight answers, with the source and date for every figure.
The banks we track expect it to. BNZ (9 Nov 2026) forecasts 0.58 by December 2026 and 0.59 by December 2027, +5.7% on today. Westpac (19 Oct 2026) forecasts 0.56 by December 2026 and 0.64 by December 2027, +14.6% on today. ASB (October 2026) forecasts 0.57 by December 2026 and 0.59 by December 2027, +5.7% on today. ANZ (18 Sep 2026) forecasts 0.58 by December 2026 and 0.60 by December 2027, +7.5% on today. Today is the ECB reference rate of 0.5584 on 11 Nov 2026. Bank forecasts are often wrong.
At the 11 Nov 2026 ECB mid-market rate of 0.5584, NZ$1,000 is US$558. A bank or transfer service will give you less, because it adds a margin to the mid-market rate. At the banks' December 2026 forecasts it would be US$580 (BNZ), US$560 (Westpac), US$570 (ASB) or US$580 (ANZ).
Inverting the bank figures (1 ÷ forecast), BNZ's December 2026 forecast of 0.58 equals about 1.724 NZD per US dollar, Westpac's December 2026 forecast of 0.56 equals about 1.786 NZD per US dollar, ASB's December 2026 forecast of 0.57 equals about 1.754 NZD per US dollar and ANZ's December 2026 forecast of 0.58 equals about 1.724 NZD per US dollar. Today's ECB reference rate is 1.7910 NZD per US dollar. These figures are our arithmetic on the bank numbers, not separate bank forecasts.
None of the NZ banks we track publishes a weekly forecast. They forecast quarter by quarter, and their nearest point is December 2026: BNZ 0.58, Westpac 0.56, ASB 0.57 and ANZ 0.58 for NZD/USD, or about 1.724 to 1.786 NZ dollars per US dollar. From one week to the next the rate follows the news. In the week before Westpac's 19 Oct 2026 note, NZD/USD fell to 0.5565 and then recovered to 0.5675. On 11 Nov 2026 the ECB reference rate was 1.7910 NZ dollars per US dollar.