NZD/USD remains on the defensive above the 0.5700 mark amid USD demand, China’s economic woes

The NZD/USD pair recovers some lost ground above the 0.5900 mark but remains under pressure near the monthly low during the early Asian session on Mon

The Federal Reserve Chairman Jerome Powell stated that they are preparing to raise interest rates further, if necessary.Market players await the US Nonfarm Payrolls, inflation data ahead of the September FOMC meeting.recovers some lost ground above the 0.5900 mark but remains under pressure near the monthly low during the early Asian session on Monday. The US economy's strength continues to support the US Dollar. NZD/USD currently trades around 0.5907, gaining 0.08% on the day.

About the data on Friday, the University of Michigan's Consumer Confidence Index for August fell to 69.5 from 71.6 in July and was revised from the first reading of 71.2. Additionally, The Current Conditions Index dropped from 76.6 to 75.7 , while the Expectations Index fell from 68.3 to 65.5 . On the other hand, the headlines surrounding Chinese economic woes weigh on the China-proxy Kiwi. That said, the Chinese government has promised aid for the property market, but its efforts have so far failed to restore investor confidence. The chief economist of the Reserve Bank of New Zealand said last week that policymakers would lower the OCR sooner than we have signaled if China experienced a more significant deceleration than the RBNZ anticipates.

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