A lower y/y inflation reading is expected from NZ. The Reserve Bank of New Zealand will welcome this. The NZ economy is in dire straits. Plummetting PMIs the latest indications of this:
New Zealand services PMI for June 2024: 40.2 (prior 43.0)New Zealand June Manufacturing PMI 41.1 (prior 47.2)
There are some indications we are getting closer to RBNZ rate cuts:
The prospect of an RBNZ rate cut in 2024 is rising
Inflation data will either support the case for RBNZ rate cuts, or not … we await the figures.
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Also ahead today, although not on the pic below, are Singapore Non-oil Domestic Exports (NODX) data from Singapore.
expected +4.1% m/m, prior -0.1%expected -1.2% y/y, prior -0.1%This snapshot from the ForexLive economic data calendar, access it here.The times in the left-most column are GMT.The numbers in the right-most column are the ‘prior’ (previous month/quarter as the case may be) result. The number in the column next to that, where there is a number, is the consensus median expected.
This article was written by Eamonn Sheridan at www.forexlive.com.
