NZD/USD edged up to near 0.5900 during early Asian trading on Thursday. Upbeat New Zealand retail sales data provided some support to the New Zealand dollar. Traders will be watching speeches from Federal Reserve officials later on Friday, including Alberto Musalem, Jeff Schmid and Lisa Cook.

New Zealand's first quarter (Q1) retail sales were stronger than expected as interest rate cuts boosted consumer demand and confidence, according to official data released by Statistics New Zealand on Friday. The country's retail sales rose 0.8% quarter-on-quarter, compared with 0.9% in the previous period. Upbeat New Zealand economic data supported the New Zealand dollar, which serves as a proxy for China, as China is New Zealand's main trading partner.

On the other hand, stronger US S&P Global PMI could boost the US dollar (Greenback) and drag the pair lower. Federal Reserve Board Governor Christopher Waller said markets are paying attention to fiscal policy. Waller further pointed out that if tariffs are close to 10%, the economy will remain in good shape in the second half of the year and the Federal Reserve may cut interest rates this year. Markets have priced in a nearly 71 percent chance that the Fed will keep interest rates unchanged at its next two meetings, according to the CME FedWatch tool.