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Higher On Above Expected Non-Tradables Inflation

NZD

NZD/USD has firmed post the Q4 CPI print, with non-tradables inflation coming in stronger than expected (1.1% q/q versus 0.8% forecast). This was above the estimate of local banks and is likely to leave RBNZ wary of domestic price pressures. Headline CPI came out in line with market expectations. More details to follow.

  • NZD/USD has pushed back close to 0.6110, we were around 0.6085/90 prior to the release. We sit slightly lower in latest dealings, last near 0.6100. Earlier highs in the week came in just under 0.6140, which could be an upside target on a further move up. Tuesday session lows came in at 0.6062.

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