The January figures were -0.1% m/m and -10.6% y/y

The mover for the NZD today has been:

BNZ explain the drop in the NZ dollar on the back of the news as being due to

  • the market sees dovish implications for RBNZ -- hikes come later
  • plays to the view of a steeper curve, because the long-end continues to be primarily influenced by global rates while this news should keep short-end rates anchored for the meantime