NZD/USD sticks to the range bound theme – UOB

Further consolidation still remains in store for NZD/USD for the time being, note UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.

Key Quotes

24-hour view: Our expectation for NZD to trade with a downward bias did not materialise, as it traded sideways between 0.5933 and 0.5960 before closing largely unchanged at 0.5940 (-0.03%). Flat momentum indicators suggest NZD might continue to trade sideways, likely between 0.5920 and 0.5960. 

Next 1-3 weeks: There is not much to add to our update from yesterday (04 Sep, spot at 0.5945). As highlighted, the recent upward pressure has faded, and NZD is likely to trade between 0.5890 and 0.6015 for now.