- Caixin released their PMI which shows the sector expanded at its fastest rate since February 2018, with production and new orders also rising faster than in August. Whilst NBS manufacturing PMI released earlier contracted for a fifth consecutive month, it was not as bad as feared. In fact, at 49.8 it was the slowest contraction since moving below 50 and above 49.5 as forecast. Whilst this could be seen as a net positive for global growth concerns, FX markets remained quite unresponsive to the data.
- NZD is today’s weakest major after business sentiment fell to a near 11.5 year low. Activity declined for a second consecutive month and costs, pricing intensions and inflation expectations are all weaker, according to respondents. And for the first time in 10 years, no sector reported plans to increase staff. NZD/USD found support just above 4-year lows, NZD/CAD hit a 4-year low and AUD/NZD touched a 5-day high.
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