In the opinion of UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, NZD/USD is likely to navigate within the 0.6130-0.6250 range in the next few weeks.
24-hour view: We expected NZD to trade in a range of 0.6180/0.6230 yesterday. However, after dropping to 0.6167, NZD rebounded to 0.6217 before ending the day little changed at 0.6212 (+0.05%). The price actions offer no fresh clues and today, we expect NZD to trade in a range of 0.6175/0.6230.
Next 1-3 weeks: There is not much to add to our update from yesterday (10 Jul, spot at 0.6200). As highlighted, we continue to expect NZD to trade in a range even though the slightly firmed underlying tone suggests a higher range of 0.6130/0.6250.