The Australian and New Zealand dollars are expected to lose more ground over the next year, hit by slumping commodity prices, concerns of a slowdown in China and expectations the US dollar will strengthen as the Federal Reserve starts raising rates.
A Reuters poll of 43 analysts sees the Aussie steady between 80 and 81 cents until mid-year before modestly dropping to $0.7800 by early January in 2016.
It hit a six-year trough of $0.8033 this week and last stood at $0.8120. As usual, opinions varied widely with forecasts ranging from 72 cents to 86 cents on a one-year horizon.
The majority of analysts have been gloomy on the Aussie for months, yet the currency has remained stubbornly high by historical standards, despite a fall of 8.5 percent last year.
The Reserve Bank of Australia has held interest rates at a record low of 2.5 percent for more than a year and at its last policy meeting in December reiterated its stance for a stable rate outlook.
Yet, recent steep falls in prices for some of Australia's major commodities and disappointing economic growth have led investors to price in around a 50/50 chance of an easing to 2.25 percent in March.
Moreover, the Aussie is also set to face more pressure from an improving US economy, which is widely expected to see the Federal Reserve begin raising rates later this year.
A separate survey of 28 analysts showed a downgrade for the New Zealand dollar, with the median forecast putting it at $0.7300 in 12 months, from $0.7821 currently. In December, it touched a 2-1/2-year trough of $0.7609.
The kiwi slid 5 percent last year amid broad-based strength in the US dollar, a pause in the Reserve Bank of New Zealand's rate-tightening cycle and a slide in prices for dairy - the nation's biggest export earner. The poll put the kiwi at $0.7700 in one month and $0.7500 on a six-month view.
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