Expectations are that the New Zealand Dollar will continue to trade within its recent range, as investors and traders wait for the latest local consumer price index data that is due for release on Wednesday. The data will suggest whether or not the central bank will lift its benchmark interest rates.

In a recent survey carried out by BusinessWire, 4 out of the seven economists and strategists interviewed said that the currency is very likely to stick to the "familiar territory" this week.

The CPI data is expected to reveal that inflation was more-or-less flat in the three months up-to December end, and this may force the Reserve Bank to start adopting stricter monetary policies than those that were previously indicated.

"The big data this week will be the CPI and retail sales - that'll perk people up if both are stronger than expected. People won't come to massive conclusions if the CPI comes out stronger as rate hikes are expected about several meetings away", said Chris Tennent-Brown, economist at Commonwealth Bank of Australia.

While two analysts out of the total seven estimated that the currency could fall, one predicted an upward trend.