New Zealand Dollar Gains Against USD on Strong China PMI Data

The New Zealand Dollar (NZD) has gained strength against the US dollar in early European trading hours, reaching near 0.5915.

This move is attributed to better-than-expected Chinese economic data, specifically a Manufacturing Purchasing Managers' Index (PMI) that improved to 49.8 in August, surpassing market consensus of 49.7.

The National Bureau of Statistics (NBS) also reported stable Non-Manufacturing PMI at 49.0 in August.

Federal Reserve Chair Kevin Warsh delivered a hawkish speech at the Jackson Hole Economic Symposium, indicating that further tightening may be needed to curb price pressure and maintain inflation expectations at 2%.