NZD/USD slides below 0.5800 on weak Chinese PMI, focus remains on FOMC decision

NZD/USD drifts lower for the second straight day and is pressured by a combination of factors. The dismal New Zealand jobs data and China’s Caixin manufacturing PMI weigh on the Kiwi. Hawkish Fed expectations and elevated US bond yields continue to underpin the Greenback. The USD bulls now look to the US macro data for some impetus ahead of the FOMC decision. 5800 mark during the Asian session, hitting a fresh weekly low in reaction to the disappointing Chinese data.

The Federal Reserve (Fed) is widely expected to maintain the status quo for the second time in a row. Investors, however, seem convinced that the US central bank will keep the door open for additional rate hikes to bring inflation back to the 2% target. Moreover, the US economic resilience should allow the Fed to stick to its hawkish stance.

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