The New Zealand dollar held on to modest gains on Thursday, trading around $0.594 as investors awaited US consumer inflation data later in the day. The report follows a softer-than-expected US producer price figures on Wednesday, which reinforced bets of Federal Reserve interest rate cuts through year-end. Domestically, however, the kiwi’s upside remains limited by rising expectations of further monetary easing from the Reserve Bank of New Zealand. The currency has been under pressure since the central bank lowered its official cash rate last month and signaled scope for more cuts to shore up the sluggish economy. This has prompted markets to almost fully price another 25bps cut to 2.75% in October, with a further move to 2.5% by February.