S&P 500 — US Large Cap Index
FTSE 100 — UK Blue Chips
Euro Stoxx 50 — Eurozone Leaders
DAX 40 — German Equities
CAC 40 — French Market Index
Nikkei 225 — Japan Benchmark
Hang Seng — Hong Kong Index
Shanghai Composite — China Mainland
ASX 200 — Australian Market
TSX Composite — Canada Index
Nifty 50 — India Large Cap
STI Index — Singapore Market
KOSPI — South Korea Index
Bovespa — Brazil Equities
JSE Top 40 — South Africa Index
IPC Index — Mexico MarketNew Zealand Dollar (NZD) is likely to trade in a range between 0.5790 and 0.5850. In the longer run, further NZD strength is not ruled out, but it must first surpass 0.5855 before a move to 0.5885 can be expected, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
Further NZD strength is not ruled out
24-HOUR VIEW: “The strong surge in NZD that reached a high of 0.5851 is deeply overbought. This, combined with the pullback from the high, suggests that NZD is unlikely to rise much further. Today, NZD is more likely to trade in a range, probably between 0.5790 and 0.5850.”
1-3 WEEKS VIEW: “After trading in a range for several days, NZD soared this week, reaching a high of 0.5851 yesterday. While further NZD strength seems likely, it must first surpass the major resistance at 0.5855 before a move to 0.5885 can be expected. The likelihood of NZD breaking clearly above 0.5855 will remain intact as long as 0.5765 is not breached.”
