New Zealand services PMI for February 53.0 (prior 52.2)

BusinessNZ Performance of Services Index (PSI) for February is 53.0, from January’s 52.2 (revised up from 52.1)

53.0 is highest since March 2023

3 of past 4 months in expansion

BNZ comment:

• “when we combine the PMI and PSI together to get an indicator of activity, there is a strong suggestion of growth returning later this year. The turnaround occurs a little stronger and earlier than we are forecasting but, whatever the case, it is a heartening sign”.

BNZ referring to the manufacturing PMI, published last week:

• New Zealand services PMI for February 53.0 (prior 52.2)

NZD/USD is barely altered after the data point (it rarely is after this) circa 0.6086

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