Bank of England (BoE) Governor Andrew Bailey warned finance ministers of the G20 group of countries that despite overall sturdy global market conditions, downside economic and political risks have likewise hardened recently.
New Zealand Dollar (NZD) may edge lower and test 0.5985 against US Dollar (USD); a sustained break below this level is unlikely. In the longer run, price action indicates that further NZD weakness is likely; the level to watch is 0.5950, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
EUR/USD finished the week with losses of over 0.70% and ended Friday’s session down 0.10% trading below the 1.1700 figure, cementing the case for a pullback to test key support levels as the Greenback posts its best week in four months. At the time of writing, the pair trades at 1.1688.