A day after posting strong retail sales data, the New Zealand manufacturing sector posts a PMI of 59.5 for July, 4.3 points higher than the level in June. The chart above shows that the trend here is certainly a positive one, and it will likely put more pressure on the RBNZ to consider raising interest rates - something the RBNZ seems loathe to do because it will strengthen the Kiwi. However, as more data comes in showing an economy that is strengthening, the ability to put off a rate hike will diminish. Something to consider as we move forward.- Nick