The Kiwi Dollar is seen sticking to the ongoing sideline note vs. the buck, suggested FX Strategists at UOB Group.
24-hour view: “While our expectation for NZD to trade sideways was not wrong, the registered range of 0.6390/0.6412 was much narrower than our expected range of 0.6380/0.6430. The quiet price action offers no fresh clues and NZD is likely to continue to trade sideways. Expected range for today, 0.6375/0.6415”.
Next 1-3 weeks: “There is not much to add as NZD traded in a quiet manner and closed little changed (0.6398, +0.01%). We continue to hold the same view from last Friday (15 Nov, spot 0.6380) wherein NZD is “expected to trade sideways between 0.6350 and 0.6465 for a while more”.