NZ Business Confidence remains downbeat, RBNZ’s Conway failed to impress bulls.Risk-off mood challenges pair buyers ahead of Fed’s preferred inflation gauge.
China’s preliminary readings of official PMIs came in better than previous for May. That said, the headline NBS Manufacturing PMI rose to 50.2 versus 49.6 prior, versus 50.4 forecasts. Further, Non-Manufacturing PMI rallied to 54.7 versus 52.5 expected and 47.8 in previous readings. Earlier in the day, Reserve Bank of New Zealand Chief Economist Paul Conway tried to defend the central bank’s hawkish bias while suggesting that it will help the domestic housing market. However, the policymaker failed to impress buyers amid macro fears of economic slowdown and a firmer“Policy tightening will likely see actual house prices move back towards sustainable levels more in line with market fundamentals,” said RBNZ’s Conway.
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