NZD barely changed (up a few tics) in wake of the Q2 CPI data
The New Zealand dollar is not much changed after the inflation data from New Zealand.
(or just scroll down one)
The results came in bang in line with consensus median expectations. The detail of the report indicate much of the rise from fuel prices, which was also very much expected, Rent a notable contributor also.
If you check out that link you'll see the 'trimmed mean' is slightly higher, which indicates underlying inflation is a little stronger than the headline would suggest. There isn't much else to argue against expectations for inflation to slip a little lower going forward.
It does appear the RBNZ is on track to cut the cash rate again at its next meeting. Then again, so is the FOMC. So for NZD/USD, not too much implication.
Oh, another reminder, the next lot of inflation data from NZ is due at 0300GMT. Soon:
- RBNZ's measure of core inflation, the 'sectoral factor model'.
- most recent reading was 1.7% y/y, for the March 2019 quarter.