BNZ – BusinessNZ Services Performance Index for September 2024 remains in contraction at 45.7
- August was 45.5
- Seven consecutive months of contraction
BNZ Chief Economist Doug Steele:
- “Moves in the PSI sub-indices were mixed in September, but all have remained below 50 for seven straight months. While lower interest rates will be supportive in time, the sector still faces significant headwinds at the moment.
Previous data from New Zealand:
- Retail sales in New Zealand fell further in September
NZD/USD is near 0.6098, a morning low after information from China over the weekend:
- China provides few details about the stimulus at a press conference on Saturday
- Four of China’s largest state-owned banks have confirmed mortgage interest rate cuts, effective October 25
- China’s September CPI fell below August and below expectations. The producer price index fell further.
This article was written by Eamonn Sheridan at www.forexlive.com.