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

The current price movements appear to be part of a range-trading phase between 0.5630 and 0.5680. In the longer run, no change in view; NZD 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.

Current price movements appear to be part of a range-trading phase

24-HOUR VIEW: "We expected NZD to 'trade in a range between 0.5640 and 0.5670' yesterday. However, NZD fluctuated in a relatively wide range between 0.5636 and 0.5683. The current price movements appear to be part of a range-trading phase. Today, we expect NZD to trade between 0.5630 and 0.5680."

1-3 WEEKS VIEW: "On Tuesday (11 Nov, spot at 0.5645), we highlighted that the recent 'weakness in NZD has stabilised, 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."