The New Zealand dollar climbed back near a three week-high at around $0.577 on Thursday, after slipping 0.3% overnight as the US dollar strengthened on hawkish remarks from Federal Reserve Chair Jerome Powell. While the Fed delivered a widely expected 25bps rate cut on Wednesday, Powell noted that another cut in December “is not a foregone conclusion,” dampening expectations of an extended easing cycle. Attention has now shifted to the highly anticipated meeting between US President Trump and Chinese President Xi in South Korea, where investors are hoping for meaningful progress toward a trade deal. Still, upside for the kiwi remains limited by expectations of further monetary easing by the Reserve Bank of New Zealand, with traders pricing in an almost certain 25-bps rate cut in November.