New Zealand Greenback (NZD) is anticipated to commerce in a spread in opposition to US Greenback (USD), probably between 0.5975 and 0.6040. Within the longer run, sharp however short-lived swings have resulted in a blended outlook; NZD is more likely to commerce in a spread of 0.5900/0.6090 for now, UOB Group’s FX analysts Quek Ser Leang and Peter Chia notice.
Sharp however short-lived swings have resulted in a blended outlook
24-HOUR VIEW: “Whereas we anticipated NZD to ‘rebound additional’ yesterday, we highlighted that ‘overbought situations counsel 0.6040 is probably going out of attain.’ Nevertheless, NZD rose and touched 0.6040 earlier than closing at 0.6007 (+0.52%). Circumstances stay overbought, however this time round, provided that upward momentum is slowing, we anticipate NZD to commerce in a spread, probably between 0.5975 and 0.6040.”
1-3 WEEKS VIEW: “We said yesterday (24 Jun, spot at 0.5995) that the current ‘sharp however short-lived swings have resulted in a blended outlook.’ We have been of the view that NZD ‘is more likely to commerce in a spread of 0.5900/0.6090 for now.’ Our view stays unchanged.
