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NZ Q3 CPI 0.7% q/q (vs. expected 0.6%) and 1.5% y/y (vs. expected 1.4%)

New Zealand inflation data (CPI) for the third quarter of 2019

  • CPI q/q expected 0.6% and prior 0.6%
  • CPI y/y expected 1.4% and prior 1.7%

Both the q/q and y/y in above the consensus estimate. 

Tradeable inflation

  • +0.1% q/q, 

Non-tradeable +1.1% q/q and +3.2% y/y

NZD marked higher. The line of reasoning goes along the lines that a higher results than expected increases the chance of the RBNZ not easing further, thus a positive for the NZD. An added factor is in the details, which are quite solid. Now that the initial response is out of the way we see how the NZD fares as it test its overnight high:

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