The New Zealand dollar held steady around $0.581 on Friday, remaining at its weakest level since April 11, amid expectations of further interest rate cuts by the Reserve Bank. Rate expectations shifted sharply after the RBNZ cut its official cash rate by 25bps to a three-year low of 3.0% on Wednesday and signaled further easing ahead to revive a struggling economy. Markets and most economists now anticipate at least two more rate cuts by year-end, with the risk of deeper reductions if the economy fails to grow as the central bank hopes. On the global front, investors are now turning their attention to Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole symposium later in the day for hints on potential US rate cuts this year. For the week, the kiwi has fallen 1.7%, heading for a second consecutive weekly decline.