New Zealand’s manufacturing sector has been in contraction for 14 consecutive months.
BusinessNZ comment:
- The general lack of sales and orders was the dominant theme of the comments, along with a struggling economy.
BNZ comment:
- This year’s PMI is consistent with manufacturing GDP falling from previous year’s levels
- details were a bit more mixed in April, rather than uniformly weak as has been the case in recent months
The NZD/USD was little changed on the data. The data point generally does not have an immediate effect on the New Zealand dollar.
This article was written by Eamonn Sheridan at www.forexlive.com.
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