Not a lot of data action going on in New Zealand this week. That means y’all gotta pay attention to other factors!
Here’s what you should watch out for this week:
Business NZ manufacturing PMI (Sept. 12, 11:30 pm GMT)
Data printed last month showed New Zealand’s manufacturing sector falling into contraction in July.
The index clocked in at 48.2, lower than the 51.1 figure we saw in June. A closer look told us that production remained in expansionary territory, but new orders and employment had gone deeper in the red.
Will we see better numbers this week? Remember that central bank members are still relatively confident about New Zealand’s economic prospects.
If we see noticeable dips in key economic indicators, then we could see traders start to price in another round of rate cuts from the RBNZ.
Overall risk sentiment
We know from last week’s price action that a lack of economic releases means that Kiwi will most likely take its cues from market risk appetite.
This week pay attention to China’s top-tier reports. Data printed a couple of hours ago showed China’s trade prospects weakening, which hasn’t seemed to faze comdoll bulls just yet. The world’s second-largest economy is still scheduled to release its CPI numbers, so y’all better watch out for that.
Meanwhile, Uncle Sam is publishing its CPI and retail sales data; the ECB is sharing its monetary policy decisions, and Australia is printing a business confidence report.
Make sure you’re around in case any of these reports serve as catalyst for overall market sentiment!
Missed last week’s price action? Read NZD’s price recap for September 2 – 6!