NZD/USD: Outlook remains mixed – UOB Group

New Zealand Dollar (NZD) is likely to trade in a sideways range of 0.5905/0.5945 against the US Dollar (USD). In the longer run, outlook remains mixed, but NZD is likely to trade in a tighter range of 0.5835/0.5985, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

NZD is likely to trade in a tighter range of 0.5835/0.5985

24-HOUR VIEW: "We expected NZD to 'trade in a 0.5900/0.5950 range' yesterday. NZD then traded sideways between 0.5896 and 0.5932, closing largely unchanged (0.5926, -0.08%). Further sideways trading appears likely, even though the firmer underlying tone suggests a higher range of 0.5905/0.5945."

1-3 WEEKS VIEW: "We have expected NZD to trade in a range since the middle of last week. In our most recent narrative from two days ago (19 May, spot at 0.5890), we indicated that 'The outlook remains mixed, but we now expect a tighter range of 0.5835/0.5985.' We continue to hold the same view."