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NZD: Weak inflation numbers but not enough to prompt further easing – BBH

FXStreet (Delhi) – Research Team at BBH, note that the New Zealand Q3 CPI came in slightly above expectations, but not enough to deter expectations of further easing by the RBNZ.

Key Quotes

“Inflation came in at 0.3% q/q, compared with 0.2% expected. This translates to a 0.4% y/y rate, well below the 1-3% target range. Markets are split between a cut as early this month’s meeting or at the December meeting.”

“One argument for a delay in easing is the somewhat better economic data, including better dairy auction prices, a key component of the country’s exports. The kiwi is underperforming today, but it has been on a good run so far this month, up 6.3% against the US dollar.”

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