NZD/USD meets resistance near 0.6180 as investors await Jackson Hole data
The NZD/USD has seen selling pressure at 0.6180 in anticipation of hawkish Fed guidance. To protect U.S. economic activity, the Fed could decrease its rate of interest rate increases. Investors from New Zealand will concentrate on PBOC's interest rate policy and Retail Sales statistics.

At the open, the NZD/USD pair is hanging around 0.6176 and forming a basis for additional negative movement. Following the publication of a new two-month high of 0.6469, the asset demonstrated a five-day losing streak. After breaching Friday's low of 0.6165, the major is expected to extend its decline. It will extend its losing streak since the US dollar index (DXY) will steal the spotlight prior the Jackson Hole Symposium.
According to the minutes from the Federal Reserve's (Fed) July monetary policy meeting, the Fed may slow the rate of interest rate hikes to protect US economic activity from the effects of tightening liquidity. A fall in the supply of cheap money in the economy will push the credit-seeking population to focus solely on highly screened investment prospects.
On the kiwi front, the Reserve Bank of New Zealand's (RBNZ) rampage of increasing the Official Cash Rate (OCR) has failed to support the antipodean. The RBNZ raised the OCR by 50 basis points (bps) for the fourth time in a row, to 3%, with an eye on raising it to 4%. Governor of the Reserve Bank of New Zealand Adrian Orr is increasing the key interest rate in order to combat the soaring inflation.
This week, the New Zealand Retail Sales statistics will be crucial. Earlier, the economy data was 0.5% negative. Price pressures persist in the New Zealand economy, and a decrease in economic statistics will put the New Zealand dollar on edge.
Investors will focus on the People's Bank of China's interest rate announcement during today's session (PBOC). The Prime Lending Rate (PLR) for one year is now 3.7%, while the PLR for five years is 4.45%. A dovish position on lending rates by the PBOC will bolster the kiwi bulls. Notably, New Zealand is China's largest trading partner. Consequently, the antipodean will benefit from the PBOC's loose monetary policy.
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