NZD Holds Near 0.5900 as China PMI Falls Short

The New Zealand dollar (NZD) held steady near 0.5900 against the US dollar (USD) on Monday, despite weaker-than-expected Chinese manufacturing data.

China's official manufacturing Purchasing Managers' Index (PMI) fell to 49.5 in April, down from 50.8 in March, 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.