NZD/USD moves below 0.5850 as Greenback rebounds, awaits Fed decision

NZD/USD pulls back as the US Dollar (USD) rebounds after two days of losses, trading lower near 0.

NZD/USD retraces recent gains ahead of Fed policy rate decision. China’s NBS PMI data shows a contraction in economic trends; which could affect the Kiwi Dollar. New Zealand Building Permits declined by 4.7% against the previous drop of 0.7%. 5840 during the early European session on Tuesday. Moreover, in September, the disappointing turn in the Chinese economic narrative unfolded with the NBS Manufacturing Purchasing Managers' Index unexpectedly contracting to 49.5.

The Employment Change and Unemployment Rate for the third quarter in New Zealand will likely to be crucial indicators that market participants will keenly observe later in the week. These data points provide valuable insights into the labor market, offering cues about the economic landscape, job creation, and overall employment conditions in the country. United States ADP Employment Change and ISM Manufacturing PMI for October may provide a broader perspective on the US economic situation.

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