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NZD Down On Easing Inflation Expectations

NEW ZEALAND

NZD/USD has faltered post the release of the RBNZ inflation expectations data. The pair is back to around 0.6000, off 0.30% and the weakest performer in the G10 space. This puts us back sub the 50-day EMA (0.6007). Note the 20-day sits further south near 0.5980.

  • AUD/NZD has recovered some ground from the 1.0960 region, we last tracked near 1.0990.
  • 2yr ahead inflation expectations eased to 2.33% from 2.50% in Q1. This is the softest print for inflation expectations since 2021. It also comes ahead of next week's RBNZ meeting. 1yr ahead inflation expectations eased to 2.73% from 3.22% in Q1.
  • In the rate/bond space yields are 1bp richer post the data and now trade about 0.5bps higher on the day, curve is little changed.
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