The New Zealand dollar fell to around $0.570 on Tuesday, its lowest level since July 8, as hawkish Federal Reserve commentary supported the US dollar. Chicago Fed President Austan Goolsbee and St. Louis Fed President Alberto Musalem said further rate increases may be needed, pointing to persistent supply shocks and inflation remaining above the Federal Reserve’s target. The kiwi has also remained under pressure since the Reserve Bank of New Zealand raised its cash rate earlier this month while indicating that additional tightening would be gradual. Markets still price in another rate hike in October, while a recent surge in oil prices has increased upside risks to inflation. Traders are also watching a US-China summit later this week for indications of progress between the world’s two largest economies. A positive outcome could improve global risk appetite and support the kiwi because of New Zealand’s strong trade ties with China.