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Kiwi Wounded By Inflation Miss, Yen Sales Resume

FOREX

The kiwi went offered as New Zealand's inflation missed expectations, despite rising to a multi-decade high. Annual consumer price growth sped up to +6.9% in Q1, printing above the +6.6% forecast from February MPS but below the +7.1% BBG median estimate. NZD/USD halved yesterday's advance in the wake of the release, as focus turns to the RBNZ's sectoral factor model inflation, due later in the day.

  • Trans-Tasman spillover took its toll on the Aussie dollar, albeit to a fairly limited extent. AUD/NZD advanced to a fresh multi-month high but rejected the psychologically important NZ$1.1000 figure.
  • The yen goes offered again and is the second worst G10 performer as we type. USD/JPY has crept higher after snapping a historic winning streak on Wednesday.
  • U.S. weekly jobless claims & final EZ CPI will take focus later today, alongside comments from Fed's Powell, ECB's Lagarde and BoE's Bailey & Mann.
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