NZD/USD Outlook: Neutral this week
The NZD’s uptrend remains intact but momentum is waning. Over the next month or two it has a decent chance of making a fresh post-float high (0.8843). US economic data continues to disappoint (Chart 2), in the process depressing the US dollar. Moreover, speculators continue to buy the NZD (Chart 3). However, near term momentum has slowed, warning a reversal may be nearby. Accordingly, we temper our bullish bias for the week ahead, expecting a neutral range of 0.8600-0.8750.
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Westpac