BusinessNZ Manufacturing PMI falls to 49.3 from 52.0 in September.
Ugly.
From the report:
- “Given the global PMI signaled a second successive monthly contraction to stand at 49.4, it appears New Zealand now has a common thread with many other countries of decreasing production and a drop in demand for new orders.
- “new orders are falling while the PMI stocks index remains expansionary and firmly above its long-term norms. A low orders-to-inventory ratio typically bodes ill for production ahead”.
NZD/USD rocketed overnight, along with pretty much everything else against the US dollar . US CPI is running a little cooler than it was:
