NZD/USD: Likely to trade in a range between 0.5605 and 0.5695 – UOB Group

New Zealand Dollar (NZD) is likely to trade in a range between 0.5640 and 0.5670. In the longer run, weakness in NZD has stabilized; for the time being, it is likely to trade in a range between 0.5605 and 0.5695, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Weakness in NZD has stabilized

24-HOUR VIEW: "Yesterday, we highlighted that NZD 'could edge higher and test 0.5675 before levelling off'. We pointed out that 'based on the current momentum, any further advance is unlikely to reach 0.5695'. Our expectation did not materialise, as NZD only rose to a high of 0.5669. There has been no further increase in upward momentum, and today, we expect NZD to trade in a range, most likely between 0.5640 and 0.5670."

1-3 WEEKS VIEW: "On Tuesday (11 Nov, spot at 0.5645), we highlighted that the recent 'weakness in NZD has stabilized, and for the time being, it is likely to trade in a range between 0.5605 and 0.5695'. There is no change in our view."