Francesco Pesole, the FX Strategist at ING, believes that the release of the 2Q inflation at 23:45 GMT will be pivotal in directing the market uncertainty when it comes to the monetary policy outlook.

• "The Reserve Bank of New Zealand cut rates in May and is broadly expected to cut again by the end of the year (22 basis points is currently in the price). Market expectations for today’s release are for an advance in the year-on-year headline CPI from 1.5% to 1.7%. Unless the print shows a more marked increase towards the 2.0% inflation target mid-point, we suspect that New Zealand rates may remain depressed. This should assist a gradual decline in NZD/USD, which may revert to the below-0.670 area today."