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The manufacturing sector in New Zealand continued to contract in November, albeit at a slower rate, the latest survey from BusinessNZ revealed on Friday with a score of 46.

By James Glynn SYDNEY--Activity across New Zealand's services sector returned to contraction in October, which BNZ says raises the probability that GDP growth slowed sharply in the third... -November 12, 2023 at 05:14 pm EST - MarketScreener

Japanese Yen continues to weaken, accelerating its decline in today's Asian session and edging closer to a multi-decade low against Dollar. The market appears to be gaining confidence that Japan will not intervene at this stage, despite the steep and extended depreciation. But the country's approach to currency intervention remains shrouded in typical discretion. So, it's "never say never" regarding the timing of intervention.

New Zealand's BusinessNZ Performance of Services Index experienced a notable dip in October, falling from 50.6 to 48.9, a level indicative of contraction in the sector. This decline also positions the index well below its long-term average of 53.5.

There's a noticeable lack of a unifying theme in the forex markets today, largely attributed to an empty economic calendar across European and North American regions. Both Australian Dollar and British Pound are seeing a rebound from their recent downturns, particularly noticeable in currency crosses. However, the continuation of this momentum hinges significantly on impending economic data releases. Key reports to watch include Australian consumer and business confidence, along with UK employment data set to be unveiled tomorrow.