NZD/USD remains higher after the lower than expected NZ inflaiton data

The inflation data from NZ came in lower than the market expected, and lower than the RBNZ had forecast:

• New Zealand Q2 CPI 0.4% q/q (expected 0.5%) & 3.3% y/y (expected 3.4%)

At least one bank has brought forward its forecast for an RBNZ rate cut in response:

• ANZ forecast an RBNZ interest rate cut in November (previously forecasting February 2025)

Despite this less hawkish news NZD has sustained its pop since the data:

I'm sure we'll get some narrative to 'explain' this to us soon enough.

Don't ask me, I'm just gonna say 'more buyers than sellers' and annoy everyone even more.