The New Zealand dollar rose to around $0.603 on Thursday, extending gains from the previous session, supported by broad weakness in the US dollar. The greenback stuck near six-week lows after weak US economic data reignited concerns about the health of the US economy. Meanwhile, investors remain cautious amid ongoing uncertainty around US trade negotiations, with little progress made ahead of the early July deadline. Market participants will closely watch developments in the US-China trade talks scheduled for later this week. On the domestic front, the Reserve Bank of New Zealand cut its rates by 25bps to 3.25% just last week, but the May decision suggests the easing cycle may be nearing its end. Markets now expect the RBNZ to hold rates steady at its July meeting, while pricing in about a 70% chance of a rate cut in August — which could be the last of the cycle.