NZD/USD stalls below 0.5800 amid mixed data from China, risk-off markets

• The New Zealand Dollar's recovery from 0.5750 lows has stalled below 0.5800 this week.
• Business data from China revealed that manufacturing activity stalled and the services sector contracted in September.
• In the US, JOLTS Job Openings and Consumer Confidence data will provide further insight into the US economic momentum.

The New Zealand Dollar is clinging to moderate gains on Tuesday after bouncing from multi-month lows at 0.5750 on Friday, but remains unable to find acceptance above 0.5800, weighed by cautious markets and uninspiring data from China, New Zealand's main trading partner.

China's Official PMI figures released earlier on Tuesday revealed that manufacturing activity stagnated in September, at the 50.0 level, against market expectations of a steady 50.3 reading. On the positive side, services activity improved to 49.8 from 49.4, still remaining at levels consistent with contraction, which hints at a poor contribution to the GDP growth.
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The Kiwi, however, remains buoyed by the US Dollar's weakness as investors are wary of the consequences of a highly likely government closure in the US. Talks between Trump and congressional leaders on Monday ended without progress, and the US Vice President, JD Vance, affirmed that the shutdown is imminent.

In the US calendar, the focus today is on the US JOLTS Job Openings, which are expected to have eased to 7.10 million in August, from 7.18 million in July. Apart from that. The Conference Board's Consumer Sentiment Index and some Fed speakers might provide some distraction from the federal government shutdown.