After rising more than 100 pips and snapping a three-week losing streak last week, the NZD/USD pair edged higher toward 0.7100 during the Asian trading hours on Monday but struggled to preserve its bullish momentum. As of writing, the pair was down 0.2% on a daily basis at 0.7058. In the absence of significant fundamental drivers and high-tier macroeconomic data releases at the start of the week, the US Dollar Index (DXY) extends its sideways grind. For the fifth trading day on Monday, the DXY is fluctuating in a narrow band a little below 92.00.
Later in the session, the Federal Reserve Bank of Dallas' Manufacturing Business Index for June will be featured in the US economic docket, which is likely to be ignored by market participants. Additionally, NY Fed President John Williams and the Fed's Vice Chairman for Supervision, Randal Quarles, will be delivering speeches. In a recently published report, Well Fargo analysts argued that the NZD/USD pair is likely to push higher over the medium term.