Upward momentum is constructing, however not considerably; New Zealand Greenback (NZD) might edge larger, however it’s presently unclear if it will possibly attain 0.6000, UOB Group’s FX analysts Quek Ser Leang and Peter Chia word.
Upward momentum is constructing, however not considerably
24-HOUR VIEW: “We highlighted yesterday that ‘whereas the underlying tone has softened, that is more likely to result in NZD buying and selling in a decrease vary of 0.5925/0.5955 slightly than a sustained decline.’ NZD subsequently dipped to 0.5914 earlier than rising swiftly to a excessive of 0.5963. This time round, the firmer underlying tone suggests NZD is more likely to commerce in a better vary of 0.5930/0.5970 slightly than a sustained advance.”
1-3 WEEKS VIEW: “We highlighted final Friday (08 Aug, spot at 0.5960) that ‘upward momentum is constructing, however not considerably.’ We anticipated NZD to ‘edge larger,’ however we identified that ‘it’s presently unclear if it will possibly attain 0.6000.’ We’ll preserve our view so long as 0.5910 (no change in ‘robust help’ degree) isn’t breached.”
