New Zealand Dollar (NZD) is likely to trade between 0.5940 and 0.6000. In the longer run, upward momentum has faded; NZD is likely to trade in a range between 0.5900 and 0.6000 for now, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Upward momentum has faded

24-HOUR VIEW: "Yesterday, we expected NZD to 'trade in a sideways range of 0.5925/0.5975.' However, after testing the 0.5925 level (low of 0.5926), NZD rose to 0.5990. We continue to expect range trading, but given the slight increase in upward momentum, NZD is likely to trade between 0.5940 and 0.6000."

1-3 WEEKS VIEW: "We highlighted yesterday (29 May, spot at 0.5950) that the recent 'upward momentum has faded.' We also highlighted that NZD 'is likely to trade in a range between 0.5900 and 0.6000 for now.' Our view remains unchanged."