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Westpac note that "NZD/USD remains stuck in....>

KIWI
KIWI: Westpac note that "NZD/USD remains stuck in a sideways range of
0.6690-0.6860, although there are glimmers of upside bias. A break above 0.6860
would signal a move to the 0.6950-0.7050 area during the weeks ahead. An upside
bias would be justified given speculator positioning (CFTC) is close to a record
level of shortness. Multi-month, we remain bearish given NZ economic growth is
slowing, NZ-US yield spreads should fall further, and the US dollar should rise
further. We expect to see sub-0.6700 this year."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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