NZD/USD: Further weakness should not be ruled out – UOB – by pabspiovano NZDUSD Currencies Crosses Banks
risks a probable decline in the near term, according to UOB Group’s Economist Lee Sue Ann and Market Strategist Quek Ser Leang.24-hour view: “Yesterday, we expected NZD to trade sideways between 0.6215 and 0.6285. However, NZD dropped rapidly to 0.6195 and then rebounded quickly. Downward pressure has eased and the rebound has scope to extend. However, any advance is unlikely to rise above 0.6260 in a sustained manner .
Next 1-3 weeks: “We highlighted yesterday that ‘the underlying tone has softened somewhat and NZD is likely to edge lower’. However, we were of the view that ‘any decline is seen as part of a lower trading range of 0.6180/0.6320’. NZD dropped to 0.6195 in NY trade and then rebounded quickly. We continue to hold the same view for now.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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