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NZD/USD remains stuck in a sideways range of 0.6690-0.6860 and RBNZ pricing remains subdued, according to David Goodman, Head of Macro Strategy at Westpac.

Key Quotes

“Markets are primed for a neutral to dovish statement and extended short positioning suggests an upside bias on NZD is possible.”

“Nevertheless, longer term, we remain bearish given NZ economic growth is slowing, falling NZ-US yield spreads, and the USD should rise further. We expect to see sub-0.6700 this year.”