FXStreet (Delhi) – Prashant Newnaha, Rates Strategist at TD Securities, notes that today’s release of manufacturing PMI and consumer confidence renewed confidence in the Kiwi economy as both of these data sets pointed economic revival.
Key Quotes
“Manufacturing PMI for Sep was at the highest levels since Feb this year at 55.4 with gains in production (highest level since Dec last yr) and firmer new orders driving the headline gain. The proportion of positive comments for September picked up a touch with growth in new customers and a more competitive NZD cited as reasons for more optimism.”
“After hitting a 3yr low in August, ANZ’s Consumer Confidence index registered its 2nd straight monthly gain, reflecting lower home loan rates, higher regional house prices and the recovery in dairy prices. NZDMO issued the 2033 at a spread of 33 to the 04/27s. This was at the tight end of the 33-38 indicative range.”
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