NZD/USD: FURTHER CONSOLIDATION ON THE CARDS – UOB
Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group see NZD/USD trading within the 0.5860-0.5960 range in the next few weeks.
24-hour view: We expected NZD to edge higher yesterday. However, we were of the view that it “is unlikely to break clearly above 0.5930.” NZD rose more than expected to 0.5935 before easing off. Despite the advance, there is no clear increase in momentum, and NZD is unlikely to rise further. Today, NZD is more likely to trade in a range, probably between 0.5890 and 0.5935.
Next 1-3 weeks: Our update from yesterday (11 Sep, spot at 0.5900) is still valid. As highlighted, the recent downward pressure has subsided. For now, NZD is likely to trade in a range, probably between 0.5860 and 0.5960.
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