The New Zealand Dollar (NZD) is expected to drift lower towards 0.6085, but this level is still likely out of reach, UOB Group strategists note.

NZD to drift lower towards 0.6085

24-HOUR VIEW:

“We highlighted last Friday that NZD ‘is likely to edge lower, but it is unlikely to be able to reach the major support at 0.6085.’ Our expectations did not materialise as NZD traded between 0.6110 and 0.6134, closing largely unchanged at 0.6119 (-0.02%). The underlying tone still appears soft, and we continue to expect NZD to drift lower. However, 0.6085 is still likely out of reach. Resistance is at 0.6125, followed by 0.6135.”