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Imre Speizer, Research Analyst at Westpac, explains that NZD/USD remains stuck in a sideways range of 0.6690-0.6860, although there are glimmers of upside bias.

Key Quotes

“A break above 0.6860 would signal a move to the 0.6950-0.7050 area during the weeks ahead.”

“An upside bias would be justified given speculator positioning (CFTC) is close to a record level of shortness.”

“Multi-month, we remain bearish given NZ economic growth is slowing, NZ-US yield spreads should fall further, and the US dollar should rise further. We expect to see sub-0.6700 this year.”