New Zealand Dollar (NZD) is expected to trade in a range, most likely between 0.5570 and 0.5835. Whippy price action has resulted in a mixed outlook; for the time being, NZD could trade in a sideways range of 0.5540/0.5650, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
NZD can trade in a sideways range of 0.5540/0.5650
24-HOUR VIEW: "We expected NZD to 'trade in a 0.5560/0.5620 range.' However, NZD traded in a higher range of 0.5580/0.5631, closing at 0.5604 (+0.38%). There has been no significant increase in upward momentum, and we continue to expect NZD to trade in a range, most likely between 0.5570 and 0.5635."
1-3 WEEKS VIEW: "There is not much to add to our update from yesterday (14 Jan, spot at 0.5590). As highlighted, the recent whippy price action 'has resulted in a mixed outlook.' For the time being, NZD could trade in a sideways range of 0.5540/0.5650."
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