NZD down a touch after the manufacturing PMI drops into contraction for the first time in 7 years

The PMI tends not to have too much impact on the kiwi $, and today its not too much different.

Still, a near 10 point drop for NZD/USD on the data release.

At 48.2 this is the first manufacturing contraction measured by the PMI since 2012. 

While the RBNZ cut rates 50 basis points at its most recent policy meeting further results like this on the economy could indeed see them cutting again. 

Kiwi, just a few tics lower:

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