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.
