The New Zealand dollar fell to around $0.603 on Friday, giving back gains from the previous session as the US dollar stabilized ahead of the nonfarm payrolls report. Investors also continued to digest a phone call between US President Donald Trump and Chinese President Xi Jinping, during which both leaders agreed to resume trade talks, though no concrete details were shared. On the domestic front, the Reserve Bank of New Zealand cut rates by 25 basis points to 3.25% last week, but the May decision suggests the easing cycle may be nearing its end. Markets now expect the RBNZ to hold rates steady in July, while pricing in about a 70% chance of a rate cut in August—potentially the final one in the loosening cycle. For the week, the antipodean currency is on track for a gain of over 1%.