NZ Q4 CPI higher than expected. Later today the RBNZ releases its own CPI data, stay tuned

NZD/USD popped higher on the data, but has since slumped back to be little changed, up just a little.

• New Zealand Q4 inflation 1.4% q/q (expected 1.3%) 7.2% y/y (expected 7.1%)

Later today we'll get CPI data from the Reserve Bank of New Zealand. This is the Reserve Bank of New Zealand Sector factor model. Says the Bank of its own model:

• We created the sectoral factor model. It estimates the common component of inflation in the CPI basket, the tradable basket, and the non-tradable basket, based upon separate factors for the tradable and non-tradable sectors. The data excludes GST.

You can see its been on the rise. The latest result will be published at 3pm NZ time, which is 0200 GMT, 2100 US ET.