NZD Pressured After CPI Prints Below Expectations

Kiwi is the weakest performer in the G-10 space at the margins this morning. New Zealand CPI printed at 1.2% Q/Q below the expected 1.5% and also below the RBNZ forecast.

• NZD/USD prints at $0.6165/75 down ~0.5% this morning. The pair printed its lowest level since 16 March, before marginally paring losses. Bears now target year to date lows at $0.6085.
• AUD/NZD dealt at its highest level since 3 March, the pair is up ~0.4% and sits at its 200-Day EMA ($1.0871).
• AUD is a touch softer, AUD/USD prints at 0.6705/10 ~0.1% softer. Spillover pressure from the NZ CPI print saw AUD/USD offered however support came in ahead of $0.67 and losses were pared.
• Yen is little changed from yesterday's closing levels, ranges have been narrow with little follow through on moves.
• Cross asset wise; e-minis are ~0.2% softer and BBDXY is flat.
• Loan Prime Rates from China headline an otherwise thin data calendar for the remainder of today's Asian session. Further out we have German PPI and US Initial Jobless Claims.