New Zealand Q2 CPI +0.3% q/q (vs. +0.4% expected and +0.3% prior)

CPI for Q2

For the q/q, comes in at +0.3%

• expected was +0.4% (Bloomberg median survey expectation)
• prior was +0.3%

For the y/y, comes in at +1.6%

• expected was +1.8% (Bloomberg median)
• prior was +1.5%

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NZD marked lower immediately, hitting stops below 0.8740

Its been heavy in the overnight, and the dairy auction result was not a positive … the NZD could barely manage a bounce after its drop and its being hit lower again.