The New Zealand dollar weakened to around $0.569, hitting its lowest level since early April, pressured by expectations of additional rate cuts from the Reserve Bank. Markets have almost fully priced in a 25 bps rate reduction in late November, following an earlier 50 bps cut last month, amid weak economic activity and benign inflationary pressures. Traders now await the Q3 labor market report later this week, with the unemployment rate expected to reach a nearly nine-year high, which could further strengthen the case for monetary easing. Elsewhere, subdued manufacturing data from top trading partner China raised risks for Kiwi exports, further weighing on the antipodean currency. A stronger US dollar also dragged on the Kiwi, as Federal Reserve officials signaled caution over additional interest rate cuts.