The New Zealand dollar fell to $0.587 on Friday, marking its seventh consecutive session of losses and hitting its lowest level since mid-May, after US tariffs on the country were raised to 15% from the 10% baseline announced in April. The new tariff rate, set to take effect later today, has fueled concerns about the outlook for New Zealand’s export-driven economy. Adding further downward pressure is a broadly stronger US dollar, buoyed by a hawkish Federal Reserve and continued signs of resilience in the US economy. Investors are now awaiting the release of US non-farm payrolls data later in the day for more clues on the Fed's rate path. In domestic news, consumer confidence in New Zealand dropped in July, amid expectations of rising inflation. The kiwi is down more than 2% so far this week.