The (not) secret data coming up from New Zealand today and why its important

The data is the NZ RBNZ survey of inflation expectations for Q3, due at 0300GMT on 8 August 2018

Yeah, re the headline, its not a secret, but I doubt you'll see too much focus on it ahead of release. Which is silly, this can move the NZD.

Reserve Bank of New Zealand Assistant Governor McDermott has been explicit on the bank's use of this data:

• non-tradeable inflation, inflation expectations key influences on OCR track

What to expect today, this via Westpac:

• The latest RBNZ expectations survey was held soon after the June quarter CPI result. While headline inflation was a touch softer than expected in June, core inflation measures point to a firming in underlying pressures centred on the more persistent non-tradable components. On top of that, there have been some well publicised price increases (e.g. petrol), as well as growing concern about Government policy and rising costs.
• Inflation expectations in this and other surveys have lifted from the lows we saw in 2016/17 and are now at levels consistent with the RBNZ's 2% target mid-point. Most other surveys have pointed towards a further firming recently.

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For the NZD a downside surprise will feed through as negative input, will an upside is the opposite. Past experience has shown the impact can be immediate …. so a heads up folks.