New Zealand: Dollar Steady Near 8-Month Highs.

The New Zealand dollar traded around $0.609 on Wednesday, hovering near its highest level in more than eight months, supported by a broadly weaker US dollar. The greenback remained under pressure amid expectations of Federal Reserve rate cuts this year and concerns about the impact of President Donald Trump's big tax breaks and spending cuts bill, which narrowly passed in the US Senate. On Tuesday, Powell said he would not rule out a potential interest rate cut at this month's meeting, saying everything depends on incoming data. Meanwhile, investors are closely watching trade developments, with many nations trying to negotiate deals with the US before the July 9 deadline. Domestically, the Reserve Bank of New Zealand is expected to keep rates on hold at 3.25% next week, with market pricing indicating only a small chance of a 25bps cut.