The New Zealand dollar rose to around $0.578, extending gains from the previous session, as a pullback in the US dollar provided support. The greenback weakened after renewed US tariff threats against several European countries, allowing the kiwi to advance despite lingering global trade uncertainty. Meanwhile, investors continued to assess the potential timing of rate hikes by the Reserve Bank of New Zealand after recent data pointed to improving economic momentum, with stronger manufacturing activity, firmer labor conditions, and rising business confidence reinforcing expectations that the central bank could begin tightening policy later this year. Traders are implying more than a 50% probability of a rate increase in September, with a move fully priced in by October. Markets have now turned to the Q4 inflation report due later this week, with the annual rate expected to remain at its highest level in a year, further strengthening the case for policy tightening.

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