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Faster Core Inflation Fails To Offer NZD Any Reprieve

NZD

The kiwi is unfazed by the release of the RBNZ's preferred measure of underlying inflation, which supports the view that price pressures keep rising.

  • Sectoral factor model inflation accelerated to +3.2% Y/Y in Q4 from +3.0% registered in the previous quarter. It reached the fastest pace since 1Q2009.
  • This comes after Stats NZ data showed that headline CPI rose 5.9% Y/Y in Q4, accelerating from Q3's +4.9% to the fastest pace in more than three decades.
  • NZD/USD remains in free fall amid a Fed-inspired risk rout. The rate trades -29 pips at $0.6623, worst level since Nov 2020. Bears look for a break under Nov 2, 2020 low of $0.6589 before targeting Oct 20/8, 2020 lows of $0.6553/47.
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