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Firms After CPI Falls Less Than Expected

NZD

The kiwi has firmed after Q2 CPI fell less than expected. The headline figure rose 1.1% Q/Q, a print of 0.9% had been expected, this was however in line with the RBNZ's estimates. Tradeable CPI rose 0.8% Q/Q, a touch below the expected 0.9%, and non-tradeable CPI rose 1.3% Q/Q vs 1.0% expected.

  • NZD/USD is ~0.6% higher, the pair sits at $0.6310/15 unwinding the majority of yesterdays underperformance. Bulls target yesterday's high $0.6344, a break through here opens high from 14 July ($0.6412).
  • AUD/NZD is up ~0.5%, the cross is a touch above the $1.08 handle falling below its 20- and 200-Day EMAs. The next downside target for bears is the low from 17 July ($1.0725).
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