NZD Slips Below 0.59 as US-Iran Tensions Rise and US PMI Surprises
The New Zealand Dollar (NZD) slipped below 0.5900 against the US Dollar on Tuesday due to uncertainty surrounding US-Iran talks and stronger-than-expected US economic data.
The Institute for Supply Management's (ISM) Manufacturing Purchasing Managers' Index (PMI) rose to 55.6 in July, beating market expectations of 54.0 and indicating a strong manufacturing sector.
This development boosted the safe-haven status of the US Dollar, putting pressure on the NZD/USD pair.