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 risingInflation data will either support the case for RBNZ rate cuts, or not ... we await the figures. *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
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