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NZD Jumps On Bumper Inflation

FOREX

NZD is the biggest gainer in early trade, NZD/USD up 34 pips after a bumper CPI print put wind in the sales of the hawkish RBNZ narrative seen earlier this week. Inflation rose to 3.3%, above estimates of 2.8% and breaching the RBNZ's target band.

  • AUD didn't benefit from the upside in its Antipodean neighbour, AUD/USD up 3 pips. The local coronavirus situation will continue to be in focus; Melbourne has entered a five-day lockdown after Sydney extended restrictions earlier this week.
  • JPY is higher, USD/JPY down 9 pips. The latest BoJ decision headlines the local docket on Friday, with the focus set to fall on the BoJ's "green" policy tweaks. Elsewhere, Kanagawa prefecture mulls seeking a Covid-19 state of emergency, according to a Yomiuri source report.
  • Offshore yuan is slightly weaker, USD/CNH up 22 pips. Speaking at a joint press conference with German Chancellor Merkel, US President Biden said the US are to sanction Chinese officials over Hong Kong.
  • As a reminder, towards the end of the US session Treasury Secretary Yellen said that while she still thought inflation was transitory there could be several months of high inflation prints ahead.
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