NZD Gains as China's Manufacturing PMI Surpasses Expectations

The New Zealand Dollar gained some strength as China's Manufacturing PMI ticked up to 49.8 in August, beating expectations of 49.7 and improving from July's 49.2.

This minor support helped the NZD/USD pair pare its daily losses, trading around 0.5910 during Asian hours on Monday.

However, market sentiment remains cautious ahead of the Reserve Bank of New Zealand's upcoming monetary policy decision, where markets broadly expect a 25-basis-point interest rate hike following a similar increase in May.