ANZ Research discusses NZD outlook for the coming weeks.

"The only domestic data next week will be the BusinessNZ Performance of Manufacturing Index for August. The PMI has been consistent with expansion in the manufacturing sector since last July and shown particularly strong readings since May. In July, the figures softened after reaching a near five-year high in June, but readings still indicate a firm and broad expansion in output. That said, we think it will take a strong change to shift the NZD noticeably. Considering we have a slight upside bias for the USD in the week ahead, NZD/USD is likely to remain in its new lower range of 0.5850–0.59, and any downward momentum in risk appetite might see it breach 0.584, its 50-dma," ANZ notes.

"On the crosses, EUR/NZD has been trading near 1.96 since the middle of July. Following the RBNZ meeting, the pair has soared to 1.98. In the runup to the ECB rates decision next week, we think there is scope for some downward movement. A hike is fully priced in, but if the central bank fails to signal further tightening, we might see the pair move towards key support at 1.952," ANZ adds.