The New Zealand Dollar (NZD) is expected to continue to trade in a range, albeit a lower one of 0.5955/0.5995. In the longer run, weakness in NZD from early last month has ended; it is likely to trade in a 0.5940/0.6040 range for now, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
May try to reach 0.6040
24-HOUR VIEW: “We expected NZD to trade in a choppy manner between 0.5865 and 0.6015 yesterday. NZD subsequently traded in a narrower range than expected (0.5973/0.6016). Further range trading appears likely, even though the slightly softened underlying tone suggest a lower range of 0.5955/0.5995.”
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