NZD/USD remains limited below 0.5860 against a firmer US Dollar

• New Zealand Dollar rebound finds resistance at 0.5860 and dips to fresh lows below 0.5845.
• The US Dollar maintains its firm tone ahead of a slew of Fed speakers.
• Weak New Zealand's macroeconomic figures are limiting the Kiwi's upside attempts.

New Zealand Dollar's attempt to bounce up from two-week lows at 0.5845, seen during the early Asian session, has been capped at 0.5860, and the pair retreated again ahead of the European session opening, returning to 0.5950.

Looking at it in perspective, the pair remains vulnerable after having depreciated nearly 2.5% after last week's knee-jerk reaction. Earlier today, the People's Bank of China kept its benchmark one-year prome rate on holsd at 3%, as widely expected, but the impact on the Kiwi was minimal.

The New Zealand Dollar remains on the defensive amid the cautious market sentiment and a mildly positive US Dollar trend on Monday, as investors await a slew of Fed speakers this week to procicde firther clues on the central bank's near-term monetary policy plans.

The main focus today will be on Stephen Miran, US President Trump's new appointment to the board. Miran will try to defend his independence as a policymaker and explain the reasons for dissenting with the committee, opting for a 50 basis points rate cut last week.

In New Zealand, the downbeat Gross Domestic Product data and the widening trade deficit boosted concerns about the country's economic outlook. These figures put further pressure on the Reserve Bank of New Zealand to ease its monetary policy further and are keeping New Zealand Dollar's upside attempts limited.