Softer underlying tone is likely to lead to New Zealand Dollar (NZD) trading in a lower range of 0.5925/0.5955. In the longer run, upward momentum is building, but not significantly; NZD could edge higher, but it is currently unclear if it can reach 0.6000, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
NZD might edge higher, even towards 0.6000
24-HOUR VIEW: "We expected NZD to 'trade in a range of 0.5935/0.5965' yesterday. However, after rising to a high of 0.5959, NZD fell to a low of 0.5926 before recovering to close at 0.5939 (-0.26%). While the underlying tone has softened, this is likely to lead to NZD trading in a lower range of 0.5925/0.5955 rather than of a sustained decline."
1-3 WEEKS VIEW: "We highlighted last Friday (08 Aug, spot at 0.5960) that 'upward momentum is building, but not significantly.' We expected NZD to 'edge higher,' but we pointed out that 'it is currently unclear if it can reach 0.6000.' Although NZD has not been able to make any significant headway on the upside, we will maintain our view as long as 0.5910 (no change in ‘strong support’ level) is not breached."
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