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NZD/USD Holds Near 0.5900 Despite Weaker China PMI Data

BitcoinWorld NZD/USD Holds Near 0.5900 Despite Weaker China PMI Data The New Zealand dollar (NZD) maintained its position near 0.5900 against the US dollar (USD) in early trading on Monday, even as weaker-than-expected Chinese manufacturing data weighed on risk sentiment.

As of the latest session, the NZD/USD pair was trading at 0.5902, reflecting a modest 0.1% gain from the previous close, according to market data.

Market Reaction to China PMI Data China’s official manufacturing Purchasing Managers’ Index (PMI) fell to 49.5 in April, down from 50.8 in March, marking a return to contraction territory and missing market expectations of 50.3.

The non-manufacturing PMI also softened to 51.2 from 53.0, indicating slower expansion in the services sector. Despite the disappointing data, the NZD showed resilience, supported by a broadly weaker US dollar and firm commodity prices.

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