Market Overview
- NZ CPI for the second quarter ending June came in at 0.4% on estimate following 5 straight down quarters. First quarter 2024 was 0.6%.
- Chinese GDP year ending June has published at 4.7% well lower than estimates of 5.1%.
- Federal Reserve rate cuts are predicted to start in September with a small minority expecting they will start at their next meeting on 1 August.
- US Treasury yields jumped higher after Trump assassination attempt. NZ Dollar (NZD) weaker as markets turned “risk off”.
- NZ PMI (Manufacturing Index) fell to 41.1 for June down from 47.2 in May, most importantly showing the 15th straight month of contraction in the sector.
- US Retail Sales came in flat at 0.0% higher than -0.3% forecast for the month of June.
- The British Pound (GBP) has been the best performing currency this month with the New Zealand Dollar (NZD) the worst traded currency to date for July.