NZD/USD softens below 0.5900 on bullish US Dollar

• NZD/USD attracts some sellers to near 0.5880 in Tuesday's Asian session. 
• US ISM Manufacturing PMI climbed to 48.4 in November vs. 47.5 expected.
• Trump's tariff threats continue to undermine the Kiwi. 

The NZD/USD pair loses traction to around 0.5880 on Tuesday during the Asian trading hours. The New Zealand Dollar (NZD) weakens amid the US President-elect Donald Trump's threats of further tariffs. Investors await the US JOLTs Job Openings for October, which are due later on Tuesday, along with the speeches from the Federal Reserve's (Fed) Adriana Kugler and Austan Goolsbee. 

Federal Reserve officials on Monday emphasized the need to continue lowering interest rates over the next year, but they did not commit to making the next rate cut later this month. Fed Governor Christopher Waller said he's inclined to vote to lower borrowing costs when Fed members meet on December 17-18 but noted that data released before then might support the case for keeping rates unchanged.

The Institute for Supply Management (ISM) showed on Monday that US manufacturing improved more than expected in November but continued to indicate a contraction. The US ISM Manufacturing PMI rose to 48.4 in November versus 46.5 in October, beating the 47.5 expected. 

The Bureau of Labor Statistics will release the Nonfarm Payrolls (NFP) report on Friday, which might offer some hints about the labor market condition and the US interest rate outlook. The US economy is expected to see 195K jobs added in November. 

On the Kiwi front, Trump has proposed a 25% tariff on all products from Mexico and Canada and an additional 10% tariff on goods from China.  The tariffs could lead to a global trade war and might weigh on the NZD, as China is a major trading partner of New Zealand.