NZD Pressured In Asia After CPI Below Expectations

Kiwi is the weakest performer in the G-10 space at the margins today. New Zealand CPI for Q1 printed below market expectations and also below the RBNZ's forecasts.

• NZD/USD prints at $0.6150/55, the pair is down ~0.7% and printed its lowest level since 16 March. Bears now target year to date lows at $0.6085. AUD/NZD is ~0.6% firmer, printing its highest level since early March. The 200-Day EMA ($1.0871) was breached after the CPI print and we have held above the measure through the Asian session.
• AUD is marginally pressured. Spillover from the New Zealand CPI print and weaker US equity futures have weighed on AUD/USD, however support has been seen below $0.67. The pair sits at $0.6705/10 ~0.1% softer today.
• Yen is little changed from yesterday's closing levels, ranges have been narrow with little follow through on moves. Japans Mar Trade Balance printed narrower than expected at -Y754.5bn.
• Elsewhere in G-10 EUR is little changed and GBP is marginally pressured.
• Cross asset wise; US equity futures are lower. E-minis are down ~0.2%. BBDXY is a touch firmer and US Treasury Yields are little changed across the curve.
• In Europe today German PPI headlines, further out we have Initial Jobless Claims, Existing Home Sales and Philadelphia Fed Manf Index.