New Zealand services PMI for April 47.1 (prior 47.5)

BNZ – BusinessNZ Performance of Services Index (PSI) for April was 47.1, its lowest since January 2022

• March was revised to 47.2

BNZ comment:

• “combining today’s weak PSI with last week’s PMI yields a composite reading that would be consistent with GDP tracking below year earlier levels into the middle of this year. That is what we expect and, if anything, the combined index suggests some downside risk to our forecasts”

Still to come from NZ today:

• RBNZ inflation expectations

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