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New Zealand Dollar bounces broadly in quiet Asian session, partly underpinned by notable improvement economic data which showed that the services sector has swung back into expansion at the start of 2024. Additionally, economists are increasingly expecting that more work is needed by RBNZ to cool the economic to bring down inflation.
New Zealand’s Business NZ Performance of Services Index (PSI) climbed into expansion territory, improving to 52.1 in January from the previous reading of 48.8, according to Business NZ on Monday.
New Zealand's BusinessNZ Performance of Services Index rose from 48.8 to 52.1 in January, marking its highest peak since May 2023. This rebound places the sector back into expansion, albeit slightly below long-term average of 53.4.
Asia market update: CN equities up on first day back amid holiday spending burst.
Activity in the global financial markets are rather muted today, with major European stock indexes reading water within a narrow range. US futures are also showing little change, reflecting the quietness of US market holiday. In the currency sphere, movements are similarly subdued, with Euro and Swiss Franc ranking as the day's weaker currencies followed by Dollar. Kiwi, Aussie, and Yen are having relative strength. Sterling and Swiss Franc find themselves positioned in the middle, presenting mixed performance.