The New Zealand dollar fell to around $0.565, giving back some of last week’s gains, as expectations of an imminent rate cut from the Reserve Bank overshadowed the US decision to roll back tariffs on Kiwi exports. Food prices declined for the second straight month, while the services sector remained in contraction, reinforcing expectations for a 25 bps cut later this month. However, analysts noted that this may be the final move in the easing cycle unless global conditions worsen. Meanwhile, President Donald Trump lifted tariffs on more than 200 food products in response to rising US grocery prices. The affected items make up about 25% of New Zealand’s exports to the US, and the move is expected to support the Antipodean nation’s export sector by improving market access, boosting demand for key agricultural goods, and enhancing the overall trade outlook.