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FX Strategists at UOB Group now see the Kiwi Dollar trading within a sideline pattern vs. the greenback in the short-term horizon.

Key Quotes

24-hour view: “Expectation for NZD to test the 0.6520 support yesterday was wrong as it rebounded strongly and hit an overnight high of 0.6590. The recovery was however short-lived as it eased off quickly from the high. The rapid pullback has scope to extend lower but 0.6520 is likely out of reach for now (0.6540 is already a strong support)”.

Next 1-3 weeks: “NZD touched a high of 0.6595 last Friday but eased off quickly. The price action reinforces our current neutral view on NZD and we continue to expect sideway trading form here, likely within a 0.6520/0.6615 range”.

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