NZD/USD: Trading in a multi-week range of 0.7190- 0.7340 - Westpac

Imre Speizer, Research Analyst at Westpac points out that NZD/USD has established a multi-week range of 0.7190- 0.7340 as the US dollar’s decline is supportive, while election uncertainty is depressive.

Key Quotes

“There’s little of note on the data calendar this week to ruffle NZD markets: building permits (Wed), ANZ business confidence (Thu), and QV house prices and Q2 terms of trade on Friday.”

“Three months ahead: Our medium term outlook for NZD/USD is largely dependent on the outlook for the US dollar. A persistent rebound in the US dollar by year end is needed to pull NZD/ USD back to the 0.70 area.”