New Zealand's Manufacturing Index Contracts in March

New Zealand’s Business NZ Performance of Manufacturing Index contracted to 47.1 in March from the previous reading of 49.3, according to Business NZ on Friday. This reading registered the lowest since December 2023 and has now been in contraction for 13 consecutive months. “The PMI’s average for the first quarter of the year is consistent with manufacturing GDP posting another quarter that is below that of a year earlier, said BNZ’s Senior Economist Doug Steel.

To this end, the bank sets an appropriate level of interest rates. When inflation is too high, the RBNZ will increase interest rates to cool the economy, but the move will also make bond yields higher, increasing investors’ appeal to invest in the country and thus boosting NZD. On the contrary, lower interest rates tend to weaken NZD.

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