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New Zealand's BusinessNZ Performance of Manufacturing Index has experienced a drop in July, declining from 47.4 to 46.3. Digging into the details, there was a notable dip in Production, which plummeted from 47.3 to 42.9, and Employment wasn't far behind, decreasing from 46.8 to 44.3. On a slightly brighter note, New Orders saw a modest increase, moving from 43.8 to 45.0, and Finished Stocks slightly ticked up from 52.3 to 52.6. However, Deliveries took a sharp hit, falling from 49.9 to 42.3.
British Pound is showing notable strength in early European session today, buoyed by more robust than anticipated monthly and quarterly GDP figures. While the quarterly GDP has not yet bounced back to its pre-pandemic stature, the positive numbers come as a boon to BoE. This development supports the expectation that the BoE will maintain its prolonged tightening, as inflation remains elevated.
Dollar is making slight gains in early US session, buoyed by slightly better-than-expected PPI data release. Adding to its strength are mild risk aversion sentiments and continued rebound in Treasury yields. If this buying momentum sustains, the greenback could well close out the week as the top performer. The remaining question is whether its momentum is strong enough to break out from the near term range against European majors.
Ominous data looms large for the U.S. economy and the stock market.