The NZD/USD pair edges lower to near 0.5765 during the early Asian trading hours on Thursday, bolstered by renewed US dollar (USD) demand. Nonetheless, the potential downside for the pair might be limited amid the prospect of the US interest rate cut next week.
The New Zealand Dollar posts marginal gains against the USD on Thursday, trimming losses after a nearly 1% decline on Wednesday to seven-month lows at 0.5585.
New Zealand Dollar (NZD) is likely to trade in a range between 0.5650 and 0.5690. In the longer run, no change in view; NZD is likely to trade in a range between 0.5605 and 0.5695, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.