• The New Zealand Dollar weakens in Thursday’s early Asian session. 
• RBNZ’s dovish stance continues to undermine the Kiwi. 
• Investors await the US data for fresh impetus, including Retail Sales, Initial Jobless Claims and Philly Fed Manufacturing Index.

The New Zealand Dollar (NZD) remains on the defensive on Thursday. The dovish stance of the Reserve Bank of New Zealand (RBNZ) after a surprise rate cut on Wednesday has exerted selling pressure on the Kiwi as the easing cycle came much sooner than expected.

Nonetheless, further confirmation of the downward path of US inflation has triggered the expectation of a Federal Reserve (Fed) interest rate cut in September. This, in turn, might drag the US Dollar (USD) lower and cap the downside for NZD/USD. Later on Thursday, traders will keep an eye on US Retail Sales, weekly Initial Jobless Claims, the Philly Fed Manufacturing Index and Industrial Production.