New Zealand dollar down 50 pips
The New Zealand dollar is down a half-cent to 0.6677.
NZD/USD fell below the mid-January lows after Q1 CPI was at just 1.5% compared to 1.9% previously and 1.7% expected. The market is now pricing in a 50% chance of an RBNZ cut on May 8, rising to 78% by the end of September.
It rebounded yesterday but is back under pressure today and threatening a decline back to 0.6575 if not the October low of 0.6430.
The week ahead features New Zealand March trade balance and the jobs report is due April 30. There are no central bank events scheduled.
