NZD Weakens Amid Mixed US Data and Anticipation of RBNZ Decision

The New Zealand Dollar (NZD) weakened against the US Dollar (USD), dropping by 0.24% to around 0.5900 on Tuesday, amidst mixed United States economic data.

The Institute for Supply Management's Manufacturing Purchasing Managers Index (PMI) fell to 54.6 in August from 55.6 in July, below the market consensus of 55.2, but still above the 50 threshold indicating expansion.

Labor market data also showed mixed signals, with job openings rising to 7.271M in July from 7.182M in June, while hires and total separations remained little changed at 5.1M.

The resilience of the US Dollar kept NZD/USD under pressure despite the slightly weaker-than-expected US figures, as investors await the Reserve Bank of New Zealand's (RBNZ) monetary policy decision on Wednesday.