NZD/USD moves below 0.6000 after the release of Business NZ PMI

NZD/USD retreated after the data showed the manufacturing sector had been in contraction for 14 consecutive months. The Business NZ Performance of Manufacturing Index improved to 48.9 from March's 46.8, yet remained below February's level of 49.1. The lower US Treasury yields may put pressure on the US Dollar. The New Zealand Dollar received pressure after the release of the Business NZ Performance of Manufacturing Index , gauging business activity in New Zealand’s manufacturing sector.

However, the Greenback faced a challenge due to the lower US Treasury yields, which could be attributed to the weak US Initial Jobless Claims released on Thursday. The US Bureau of Labor Statistics released data indicating that the number of individuals filing for unemployment benefits exceeded expectations. Initial Jobless Claims for the week ending May 3 rose to 231,000, surpassing estimates of 210,000 and showing an increase from the previous week's reading of 209,000.

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NZD/USD clings to near 0.5950, Business NZ PSI falls back into contractionNZD/USD rebounds from a five-month low of 0.5927 reached on Monday, hovering around 0.5950 during the Asian trading hours.
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