NZD traders - "The rise in NZ rates remains relentless"

Commentary from BNZ in New Zealand following the release of 2 year inflation expectations data:

The rise in NZ rates remains relentless against the backdrop of convincing evidence that NZ inflationary pressure is to the upside.

• the RBNZ's survey of expectations showed inflation expectations higher across the board
• some chunky gains in the short-term measures
• 2-yr ahead measure approaching the 2% mark again

On NZ bonds, BNZ report:

• 10-year rates ... up 5bps to their highest levels in almost a year

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This is all adding to the theme that the RBNZ rate cycle has come to an end, thus supportive of the NZD (all else being equal ... which is never is, of course).