ANZ Research discusses NZD outlook into this week's Jackson Hole and next week's September RBNZ meeting.

"On inflation, the July Selected Price Index data, which covers nearly half of the quarterly CPI basket, came in a little cooler than we anticipated. That presents a minor downside risk to our forecast for a 3.9% y/y rise in Q3 but failed to illicit a meaningful or sustained market reaction. Overall, OIS pricing for a September hike remains around 23bp of hikes for that meeting," ANZ notes.

"Given that this week’s Jackson Hole symposium is too close to the next RBNZ meeting on 2 September, Governor Breman will not take interviews. That leaves little commentary to sway the NZD. We are slightly positive on the NZD/USD. We see net short positioning as having scope to wind back and offer some support for the NZD," ANZ adds.