• NZD/USD softens to near 0.5895 in Monday’s European session. 
• China's Caixin Manufacturing PMI grew more than expected in November. 
• The US ISM Manufacturing PMI is due later on Monday. 

The NZD/USD pair trades on a softer note around 0.5895 on Monday during the Asian trading hours. The expectation of another rate cut by the Reserve Bank of New Zealand (RBNZ) in February 2025 and Trump tariff threats continue to undermine the pair. The US ISM Manufacturing Purchasing Managers' Index (PMI) for November will be in the spotlight later on Monday. 

The RBNZ Governor Adrian Orr hinted during the press conference last week that another double cut would be possible in February 2025, citing the context of growth in New Zealand. This, in turn, drags the Kiwi lower against the US Dollar (USD) for the time being. Furthermore, Trump has pledged 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 may impact the New Zealand economy as China is New Zealand's largest trading partner.