• NZD/USD drifted lower as On Tuesday a investors focused on upcoming inflation data for clues on the U.S. interest-rate outlook. • Markets await Wednesday’s U.S. July core CPI, forecast at 2.5% YoY, followed by Thursday’s PPI, expected at 4.9% YoY, for fresh clues on the Fed’s policy outlook. • On geopolitical front,U.S.-Iran negotiations remain uncertain, with both sides seeking reparations, raising the risk of delays in peace talks. • The RBNZ’s Q3 expectations survey on Thursday will be closely monitored for signals on inflation and the central bank’s policy path. • Futures markets currently price an 86.5% probability of a 25-bps RBNZ rate hike on September 2.