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Forex Flash: The RBNZ will be very comfortable with today's CPI - Westpac

FXstreet.com (Barcelona) - NZ CPI rose 0.4% q/q, 0.9% y/y, in line with Westpac’s forecast. According to the bank, "the high exchange rate has been a powerful force suppressing inflation in recent times, and this quarter was no exception."

Westpac expands: "The big threat to domestic inflation is the Canterbury rebuild. On that score, construction costs and rents in the Canterbury region rose sharply this quarter. However, there was no sign that rebuild-related inflation was leaking into other regions of New Zealand."

The banks adds that the Reserve Bank will be very comfortable with this data: "In particular, another downside surprise on inflation (Q4 was -0.2%) would have raised eyebrows, but this has been avoided."

Australia Feb Westpac Leading Index (MoM) increase to 0.6% vs 0.3%

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Forex: USD/JPY adds to gains during Asia session, resistance at 98.50 in focus

The USD/JPY continues to edge higher during Asia trade, currently up 34 pips at 98.10. This is following an impressive day for the pair which finished the New York session up 113 pips at 97.72. Later in the session at 23:50 GMT, a number of economic reports will be released out of Japan. The reports include Foreign Bond Investment, Merchandise Trade Balance, and Import/Export data.
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