New Zealand’s (NZ) Prime Minister Christopher Luxon said on Monday that he is seeing a deterioration in economic conditions.

His comments come even as the country’s Business Performance of Services Index (PSI) improved slightly to 53.0 in February, as against a 52.2 reading in January.

Market reaction

The New Zealand Dollar shrugs off the downbeat remark from the PM, as NZD/USD advances 0.24% on the day to test the 0.6100 figure.