The current price movements are likely part of a consolidation phase between 0.5935 and 0.5965. In the longer run, New Zealand Dollar (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.
The Canadian Dollar (CAD) is up marginally against the US Dollar (USD) but underperforming most of the G10 currencies in generally quiet trade, its modest strength hinting to a renewed recovery echoing similar attempts observed in early and mid/late August, Scotiabank's Chief FX Strategists Shaun Os
The GBP/JPY cross struggles to capitalize on last Friday's closing above the 200.00 psychological mark for the first time since August 2008 and edges lower at the start of a new week. The downtick, however, lacks bearish conviction ahead of this week's key central bank event risks.