Likely to trade in a 0.5605/0.5675 range – UOB Group

Outlook is unclear; New Zealand Dollar (NZD) is likely to trade in a 0.5605/0.5675 range. In the longer run, for the time being, NZD is likely to trade in a range between 0.5595 and 0.5720, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

The outlook for NZD vs. USD is unclear

24-HOUR VIEW: “We expected NZD to ‘trade in a 0.5640/0.5675 range’ yesterday. Our view was incorrect as NZD traded between 0.5601 and 0.5671, closing at 0.5642 (-0.23%). The outlook is unclear, and NZD is likely to trade in a 0.5605/0.5675 range today.”

1-3 WEEKS VIEW: “Our latest narrative was from Tuesday (11 Feb, spot at 0.5640), wherein “for the time being, NZD is likely to trade in a range between 0.5595 and 0.5720.” Our narrative remains unchanged.”