In the opinion of UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, NZD/USD is expected to navigate between 0.6400 and 0.6535 range in the next few weeks.

Key Quotes

24-hour view: “NZD rose to a high of 0.6525 before easing off to close lower by 0.43% (0.6480). Upward pressure has eased and NZD appears to have entered a consolidation phase. In other words, NZD is likely to trade in a range today, expected to be between 0.6440 and 0.6510.”

Next 1-3 weeks: “We view the current movement in NZD as part of a consolidation phase and NZD is likely to trade between 0.6400 and 0.6535 for the time being.”