NZD/USD: Likely to trade in a range of 0.5970/0.6080 for now – UOB Group

FXStreet Insights Team FXStreet

New Zealand Dollar (NZD) is likely to trade in a range between 0.6000 and 0.6050. In the longer run, upward pressure has faded; NZD is likely to trade in a range of 0.5970/0.6080 for now.

Upward pressure has faded

24-HOUR VIEW: "Following the sharp drop in NZD early last Friday, we indicated that 'the rapid increase in downward momentum suggests NZD could weaken further, even though it is unlikely to reach the major support at 0.5970.' We noted that 'there is another support level at 0.5995.' However, NZD fell less than expected, rebounding from a low of 0.5998. While the current price movements are likely part of a range-trading phase, the firmer underlying tone suggests NZD is likely to trade in a higher range between 0.6000 and 0.6050 today."

1-3 WEEKS VIEW: "After holding a positive NZD view for more than a week, we revised our view to neutral last Friday (13 Jun, spot at 0.6025). We indicated that 'upward pressure has faded.' We also indicated that NZD 'is likely to trade in a range of 0.5970/0.6080 for now.' There is no change

in our view."

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

GBP/USD remains weaker as UK-US yields narrow

GBP/USD extends its losses for the second consecutive day, trading around 1.3450 during the Asian hours. The pair depreciates as the British Pound softens even as United Kingdom political risk fades.

EUR/USD weakens amid Middle East tensions

EUR/USD extends its losses for the second consecutive day, trading around 1.1520 during the Asian hours. The currency pair faces downward pressure as the US Dollar gains strength, propelled by renewed safe-haven demand among global investors.

How Wall Street rigs the game [Video]

In this week’s Live from the Vault, Andrew Maguire is joined by Peter Antico and Sean Stone to discuss the Paradigm of Money - an in-depth expose of financial market corruption, from naked shorting to the two-tier system that protects Wall Street.

Bitcoin under pressure, Ethereum trades sideways, Ripple gravitates toward $1

Bitcoin and Ethereum remain under pressure after mild gains, while Ripple slides over 5% so far this week. BTC faces rejection near a key resistance barrier, and ETH has been trading sideways for the last 22 days. At the same time, XRP is gravitating its correction toward the key $1 support zone.

Markets question Fed's inflation resolve after July FOMC meeting

Federal Reserve Chairman Kevin Warsh continues to project a tough stance on inflation, repeatedly promising to restore price stability and keep inflation anchored at the central bank's longstanding 2% target. But according to Mike Maharrey in this week's Money Metals Midweek Memo, markets are beginning to judge the Fed by its actions rather than its rhetoric—and so far, they aren't convinced.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.