NZD/USD appreciates to near 0.6050 despite a stable US Dollar, Initial Jobless Claims eyed

• NZD/USD maintains its position near its eight-month high of 0.6055.
• Trump posted that he likes President Xi but he is "VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!"
• The US Dollar may lose ground due to increased economic concerns following weaker US data.

NZD/USD extends its gains for the second successive day, trading around 0.6030 during the European hours on Thursday. The pair maintains its position near an eight-month high at 0.6055, recorded on June 3. The New Zealand Dollar (NZD) might have received support from China's Caixin Services PMI, which rose to 51.1 in May as expected, from 50.7 in April.

Traders will closely monitor the developments surrounding the US-China trade talks. US President Donald Trump posted on Truth Social, saying, "I like President Xi of China, always have, and always will, but he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!"

The upside of the NZD/USD pair could be restrained as the US Dollar appreciates, potentially driven by a technical correction. However, the Greenback may lose ground due to weakening risk sentiment as rising tariff uncertainty could potentially dampen growth in the US economy.

Economic uncertainty worsened following the weaker economic data from the United States (US). Institute for Supply Management's (ISM) Services Purchasing Managers Index (PMI) declined to 49.9 in May, from 51.6 in April. This reading surprisingly came in weaker than the expected 52.0. Meanwhile, US ADP private sector employment rose 37,000 in May, against a 60,000 increase (revised from 62,000) recorded in April, far below the market expectation of 115,000.

Traders will likely observe the US Balance of Trade and the weekly Initial Jobless Claims later in the North American session. On Friday, Nonfarm Payrolls will be eyed, seeking further impetus regarding the Fed's policy outlook.