New Zealand data - BusinessNZ Manufacturing PMI for October slumps into contraction

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New Zealand data -  BusinessNZ Manufacturing PMI for October slumps into contraction

<p>BusinessNZ Manufacturing PMI falls to 49.3 from 52.0 in September. </p><p>Ugly.</p><p>From the report:</p><ul><li>"Given the global PMI signaled a second successive monthly contraction to stand at 49.4, it appears New Zealand now has a common thread with many other countries of decreasing production and a drop in demand for new orders.</li><li> "new orders are falling while the PMI stocks index remains expansionary and firmly above its long-term norms. A low orders-to-inventory ratio typically bodes ill for production ahead".</li></ul><p>NZD/USD rocketed overnight, along with pretty much everything else against the US dollar. US CPI is running a little cooler than it was:</p><ul><li><a href="https://www.forexlive.com/news/forexlive-americas-fx-news-wrap-oh-what-a-day-cpi-triggers-a-reallocation-in-assets-20221110/" target="_blank" data-article-link="true">Forexlive Americas FX news wrap: Oh what a day.  CPI triggers a reallocation in assets.</a></li></ul>

                This article was written by Eamonn Sheridan at forexlive.com.

Source: New Zealand data -  BusinessNZ Manufacturing PMI for October slumps into contraction

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