• NZD/USD remains under pressure despite a phase of consolidaiton. 
• The bulls are making hard work of a bid through 0.6300. 

NZD/USD is trading at 0.6276 and flat for the day having ranged between 0.6274 and 0.6282 so far following some comments from the Reserve Bank of New Zealand's governor, Adrian Orr. 

Reserve Bank of New Zealand Governor Adrian Orr answered questions from members of the New Zealand parliamentary Finance and Expenditure Committee. He said that the central bank was confident domestic inflation was now tracking lower.

"We are at the low end globally and we are tracking in the right direction."

On Wednesday, the RBNZ increased the cash rate by 50 basis points to 3.0% as it seeks to get inflation under control. New Zealand inflation is currently at three-decade highs having hit 7.3% in the second quarter.

Nevertheless, as analysts at ANZ Bank noted, ''FX markets have been quick to move on from local themes in favour of global ones. That’s been the case over the past 24hrs. So, we’re back to watching what’s happening offshore, which is mixed, with stocks lower but bond yields higher after a double-digit UK Consumer Price Index print.''

Meanwhile, the release of the Federal Open Market Committee (FOMC) policy decision that took place over the July 26-27 policy meeting sparked a little bit of a flurry in the markets, albeit short-lived. 

''The post-minutes reaction was likely driven by 'many FOMC members' flagging that 'it likely would become appropriate at some point to slow the pace of policy rate increases while assessing the effects of cumulative policy adjustments on economic activity and inflation,'''analysts at TD Securities explained.

''This suggested to investors that the pace of rate hikes should slow, which pushed the pricing for a 75bp hike in September from 58% prior to the minutes to 47% and the terminal rate to 3.69% from 3.73% prior to the minutes,'' analysts added. 

As a consequence, the DXY dropped 37 points to 106.385. The 10-year yield was under pressure, dropping 0.8% to 2.888% and well off the 2.919% highs for the day. The 2-year yield dropped by nearly 1.4%. This all enabled the Aussie to rally initially, however, as analysts at TD Securities argued, who believe the dovish reaction to the dated minutes may be unwarranted, ''markets should be taking their cue from hawkish Fed rhetoric in recent weeks rather than the minutes.''