Germany 5-y Note Auction down to 2.29% from previous 2.32%

Firmer underlying tone is likely to lead to New Zealand Dollar (NZD) trading in a higher range of 0.5955/0.5980. In the longer run, NZD could break above 0.5990; the scope for further advance may be limited, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.