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New Zealand CPI data higher than expected - ASB sees RBNZ staying on sidelines

Eamonn Sheridan
19/07/2023 | 01:36 GMT

The New Zealand Q2 inflation data was published earlier from Stats NZ:

  • New Zealand Q2 CPI 1.1% q/q (vs. expected 1.0%)

NZD/USD was marked up, but if you check out your charts you'll see it wasn't sustained:

  • NZD marked higher after NZ CPI data higher than expected

ASB on the data:

  • core inflation remains stubborn
  • sticky non-tradeables inflation
  • RBNZ will be kept on alert and will hold rates high for a good while to come
  • RBNZ remains on hold though

NZD update:

nzdusd update 19 July 2023

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