Momentum is beginning to slow; the likelihood of the New Zealand Dollar (NZD) declining further to 0.6005 has decreased, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

Likelihood of NZD declining to 0.6005 decreases

24-HOUR VIEW: “We noted last Friday that ‘momentum indicators are mostly flat, and we continue to expect NZD to trade in a range, probably between 0.6040 and 0.6080.’ NZD then traded in a narrower range of 0.6055/0.6079. Momentum indicators remain flat, and we continue to expect NZD to trade in a range, likely between 0.6055 and 0.6090.”