The New Zealand Dollar (NZD) is likely to trade in a range, probably between 0.6070 and 0.6115. But NZD could also edge lower; the prospect of it breaking below 0.6045 is not high for now, UOB Group FX analysts Quek Ser Leang and Peter Chia note.
The prospect of breaking below 0.6045 is not high
24-HOUR VIEW: “The sharp drop in NZD that reached a low of 0.6060 was surprising (we were expected consolidation). The sharp drop appears to be overdone, and NZD is unlikely to weaken further. Today, NZD is more likely to trade in a range, probably between 0.6070 and 0.6115.”
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