Substantial drop for the NZD on CPI data coming in much lower than expected

Inflation data is here: New Zealand Q1 CPI : 0.1% q/q (expected 0.3% and 1.5% y/y (expected 1.7%)

Much, much lower than the central estimate.

NZD/USD was marked lower immediately:

Sellers in the kiwi will be present further on any relief pop from here

AUD/USD dropped a few points also. not nearly as much.

ps. We got a further CPI measure from NZ later today - core inflation from the RBNZ:

• There are two inflation numbers released in NZ today - here is the one no one is talking about