NZD/USD should remain within the 0.6740-0.6870 range in the near term, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “NZD rose to a high of 0.6810 yesterday before easing off to close at 0.6787 (+0.33%). The movement is viewed as part of a consolidation and NZD is likely to trade between 0.6755 and 0.6805 for today.”

Next 1-3 weeks: “On Monday (17 Jan, spot at 0.6810), we highlighted that the outlook is mixed and NZD is likely to trade between 0.6740 and 0.6870. There is no change in our view even though the underlying tone has softened somewhat. Looking ahead, NZD has to close below 0.6740 before a drop to 0.6700 is likely.”