The New Zealand dollar fell to around $0.586 on Monday, faltering after rebounding from a four-month low in the last session, pressured by a dovish Reserve Bank outlook. Last week, the RBNZ lowered the official cash rate by 25 basis points to a three-year low of 3% and signaled further easing to support the struggling economy. Prime Minister Christopher Luxon responded by criticizing the central bank for not cutting rates aggressively enough to stimulate growth. On the data front, retail sales rose 0.5% quarter-on-quarter in the three months to June, slowing from a 0.8% gain in Q1 but exceeding forecasts of 0.2%, suggesting that lower interest rates are beginning to help activity. Meanwhile, the kiwi found support last week, rebounding from its lowest level since April 11, as the US dollar softened following Federal Reserve Chair Jerome Powell’s comments on rising downside risks to the labor market and the possibility of future rate cuts.