NZD: Economic recovery supports strength – HSBC

The New Zealand Dollar (NZD) is expected to gain strength due to a recovering economy and supportive fiscal policies ahead of the general election on November 7, 2026. HSBC notes that while rate hikes from the Reserve Bank of New Zealand (RBNZ) may come later, the current economic momentum presents upside risks for the NZD.

Recovery fuels NZD potential

"While New Zealand’s rate hikes may come later, its economic recovery is gaining momentum, aided by supportive fiscal policy ahead of the general election on 7 November. All this could present upside risks for the NZD over the coming months."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)

Jan 26, 2026

USD: Sell-off reinforced by JPY intervention risk – MUFG

The USD's upward momentum has halted due to increased uncertainty surrounding U.S. policy, according to MUFG's Lee Hardman and Abdul-Ahad Lockhart. Investor confidence has been negatively impacted by President Trump's recent threats, leading to increased FX hedging of U.S. assets.

Germany: Economic outlook remains uncertain – ING

The January Ifo index indicates ongoing uncertainty in the German economy, reflecting geopolitical tensions and tariff threats. Despite this, ING maintains a view of an upcoming recovery, supported by recent macro data showing increasing industrial orders.