For the fourth day in a row, the NZD/USD pair remains under some pressure from sellers despite the Federal Reserve System's hawkish forecast.

Politicians continue to advocate only one interest rate cut this year. On Monday, Philadelphia Fed President Patrick Harker actually said that keeping rates at this level would help reduce inflation a little more and mitigate the risks of its growth. Accordingly, this continues to support the growth of US Treasury bond yields and helps the US dollar regain some positive momentum. And this, in turn, puts pressure on the NZD/USD pair.

In addition, mixed economic data on China released on Monday highlighted the rise of the world's second-largest economy, which is another factor undermining antipode currencies, including the New Zealand dollar.

And weaker consumer and manufacturing prices in the United States indicate that inflation is falling, maintaining hopes for the first Fed rate cut in September and the second in December. This may limit the growth of the US dollar, thereby providing some support to the NZD/USD pair.

Today, it is worth paying attention to the US economic reports, which include monthly data on retail sales and industrial production. In addition, the speeches of FOMC members and US bond yields will stimulate demand for the US dollar, which, in turn, can give a significant boost to the NZD/USD pair.