NZD Steady Amid China Data, RBNZ Decision Looms

The New Zealand Dollar (NZD) remains steady around 0.5910 on Monday, largely unchanged from the previous day's levels.

This stability is partly due to the improving Chinese economic data, which shows a Manufacturing Purchasing Managers Index (PMI) of 49.8 in August, beating expectations and suggesting some recovery in manufacturing activity.

However, despite this positive development, the NZD's gains are limited by concerns over the Reserve Bank of New Zealand's (RBNZ) upcoming decision on interest rates.

The RBNZ is expected to raise its Official Cash Rate (OCR) by 25 basis points in September, which could support the NZD. But the central bank's guidance on future rate hikes will also be closely watched, as traders await clarity on the monetary policy outlook.