Those looking for directional plays in the New Zealand dollar against some of its peers may have to wait a little longer, at least until there are signs of divergence in monetary policy outlooks.Converging monetary policy outlooks have left currency pairs to the ebb and flow of data, which tends to be at best noise unless viewed from a zoomed-out perspective. In this regard, the key focus is on the US Fed rate decision on Wednesday. The central bank is widely expected to raise interest rates one last time this year, with the key focus on its forward guidance.A hawkish hike could provide support to the US dollar globally. A more data-dependent / ‘wait-and-watch’ could put USD back within its recent ranges, whereas a dovish hike could exert downward pressure on USD, boosting NZD.The Reserve Bank of New Zealand kept interest rates on hold earlier this month, with a view that NZ rates are at their peak. However, stubbornly high NZ inflation (climbed 1.1% on-month in the June quarter Vs 0.9% expected) complicates the policy outlook. Markets are pricing in around a 50% chance of another RBNZ rate hike with no rate cuts until mid-2024. Daily FX