According to Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group, NZD/USD is expected to extend the consolidation between 0.6035 and 0.6200 in the near term.

Key Quotes

24-hour view: “NZD dropped sharply to 0.6092 before closing at 0.6100 (-0.85%). The decline appears to be running ahead of itself and NZD is unlikely to weaken much further. For today, NZD is more likely to trade sideways between 0.6090 and 0.6145.”

Next 1-3 weeks: “We continue to hold the same view as from last Friday (18 Nov, spot at 0.6135). As highlighted, NZD is likely to trade within a range of 0.6035/0.6200 for now.”