New Zealand data, the BNZ – BusinessNZ Performance of Manufacturing Index (PMI) for February 2023.

Up from January's (revised) 51.2

The long run average for this indicator is 53.0, so while the February result is in expansion its still lagging the average

BNZ Senior Economist, Craig Ebert

  • “it’s been a New Year gearshift, out of reverse. However, these are not what you’d call strong results – in total, and especially when delving into the details.
  • That said, February’s PMI, like January’s, did denote expansion, overall, and is not all that far shy of its long-term average of 53.0″.

NZD /USD is not a lot changed, straddling 0.6100

New Zealand manufacturing pmi February 2023