New Zealand services PMI for September 2024: 45.7 (prior 45.5)

BNZ – BusinessNZ Performance of Services Index for September 2024 remains in contraction at 45.7

• August was 45.5
• seven consecutive months in contraction

BNZ’s Senior Economist Doug Steel:

• “movements in the PSI sub-indices were mixed in September, but all of them have been below 50 for seven consecutive months. While falling interest rates will be supportive in time, the sector continues to face significant headwinds at present”.

Earlier data from NZ:

• New Zealand retail sales slumped further in September

NZD/USD is around 0.6098, its lower on the morning after the info received from China over the weekend:

• China offers few details on stimulus in Saturday's press conference
• Four of China's biggest state-owned banks confirm mortgage rate cuts, beginning October 25
• China September CPI rate fell below August and below expectations. PPI slumped further.