New Zealand Q4 CPI data is due at 2145GMT
CPI q/q
- expected is -0.2% and prior was +0.3%
CPI y/y
- expected is 0.3%, while prior was 0.4%
While NZ CPI normally drops in the final quarter of the year (seasonal effects), expectations are for the fall to be greater - due to the widespread weakness in commodities (notably oil) as well as indications of falling food prices.
The Reserve Bank of New Zealand target band for inflation is 1 to 3%, and inflation is well short of that. Indeed, NZ finance minster English has pressured the RBNZ to cut rates further citing very low inflation, saying the RBNZ has been missing this target for a long time.
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Also due today, at 2330GMT, from Australia, the Westpac Consumer Confidence Index for January
- prior was -0.8% m/m
At some time today we should get the REINZ house price and sales data from NZ also. I was expecting it yesterday, but ... nope. Today fer sure! (Maybe)
