The latest from BNZ on the New Zealand dollar:

In brief (bolding is mine);

  • We continue to see the NZD as very cheap compared to our short-term fair value estimates
  • in fact, at 8%, the discount is it largest in a decade
  • We see the next likely breakout in the NZD to be higher rather than lower, although the potential signing of a US-China trade deal may be needed as a catalyst

ASB are along similar lines:

  • "fair-value", according to our short-term valuation model, is currently estimated in a 0.6700-0.7100 range
  • In time, we suspect the NZD/USD will press up to test 0.6445 resistance again, but this might be a story for later in the month
  • This week … consolidation inside the now familiar 0.6280-0.6445 range is likely to continue