The New Zealand dollar held around $0.609 amid a softer US dollar after last week's data showed that US PCE inflation eased in May, reinforcing expectations that the Federal Reserve may start cutting interest rates later this year.

Market participants are now awaiting the release of the FOMC minutes later this week for further insights into the Federal Reserve's monetary strategy.

On the domestic front, the Reserve Bank of New Zealand is widely anticipated to maintain its official cash rate at 5.5% in the upcoming meeting next week.

The central bank previously indicated that any rate cuts are unlikely until mid-2025.

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