The New Zealand dollar fell to around $0.603, continuing to trade sideways as investors awaited guidance on the rate outlook from the Reserve Bank later this week. The RBNZ is set to hold its first policy meeting of the year on Wednesday and is widely expected to keep interest rates unchanged at 2.25%, after signalling last year that its easing cycle had concluded. Analysts will be watching closely to see whether the central bank maintains its guidance pointing to mid-2027 as the likely time frame for a potential increase in the official cash rate, as well as for insights into how new Governor Anna Breman views the economic outlook. Financial markets, however, anticipate an earlier move, pricing in a 68% probability of a rate hike by September and fully expecting one by October, despite mixed recent economic data. January figures showed electronic retail card spending fell 1.1%, alongside a slowdown in service-sector growth, signalling a weak start to the year.