The New Zealand dollar fell against most major currencies during Monday trading despite positive economic data.

Government data showed that New Zealands retail sales index rose by 0.5% in the second quarter, while analysts had expected a 0.1% increase.

Excluding volatile items such as energy and food, New Zealands core retail sales index rose by 0.7% in the second quarter, compared with expectations of a 0.3% decline.

As for trading, the New Zealand dollar fell against its US counterpart by 0.4% to 0.5848 as of 20:14 GMT.

Australian Dollar

The Australian dollar fell against its US counterpart by 0.2% to 0.648 as of 20:14 GMT.

US Dollar

The dollar index rose by 0.7% to 98.4 points as of 19:51 GMT, recording a high of 98.4 and a low of 97.7.

This came after remarks by Federal Reserve Chairman Jerome Powell at the Jackson Hole conference on Friday, where he hinted at an upcoming rate cut.

According to the CME FedWatch tool, markets are pricing in over an 86% chance that the Fed will cut rates by 25 basis points at the September meeting.

Later this week, Nvidia will report earnings after Wednesdays close, followed by results from Dell and Marvell Technology.

Also due on Friday are US Personal Consumption Expenditures (PCE) data, the Feds preferred inflation gauge.