NZD/USD surges above the 0.6170 area following the Chinese PMI – by lilyfinancial NZDUSD Majors Macroeconomics China
The latest publication released by The National Bank of New Zealand showed on Monday that July's New Zealand ANZ Activity Outlook improved to 0.8%, above the expected 0.9% decline. Meanwhile, ANZ Business Confidence fell from -18 in June to -13.1 in July.
Regarding the Chinese data, China’s National Bureau of Statistics revealed on Monday that the Manufacturing Purchasing Managers' Index increased to 49.3 in July, improving from 49.0 in June and the market's estimate of 49.2. However, the figure was marked below 50 for the fourth straight month, indicating the contraction zone. Meanwhile, the NBS Services Investors anticipate additional policy support to spur economic recovery post-Covid.
reported on Friday that the Personal Consumption Expenditures Price Index fell from 3.8% in May to 3% in June, below the market expectation of 3.1%. While the Federal Reserve's preferred measure of inflation, the Core PCE Price Index, came in at 4.1% annually, down from 4.6% in May and below market expectations of 4.2%. The softer data indicates pricing pressures are easing and may bring the Federal Reserve closer to the end of its hiking cycle.
Looking ahead, the New Zealand Employment Change QoQ and Unemployment Rate Q2 will be released on Wednesday. The week's highlight will be the
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