The New Zealand Consumer Price Index (CPI) has been released for the third quarter and markets were hoping for some fresh direction for the NZD from it.
Kiwi is offered on the miss of expectations.
The data has arrived as follows:
NZ CPI
- NZ Q3 CONSUMER PRICE INDEX NON-TRADABLES +0.6 PCT VS PVS QTR
- 22-Oct-2020 15:45:11 – NEW ZEALAND Q3 CONSUMER PRICE INDEX +0.7 PCT VS PVS QTR (REUTERS POLL +0.9 PCT)
- 22-Oct-2020 15:45:11 – NZ Q3 CONSUMER PRICE INDEX NON-TRADABLES +2.6 PCT VS YR AGO
- 22-Oct-2020 15:45:11 – NZ Q3 CONSUMER PRICE INDEX +1.4 PCT VS YEAR AGO (REUTERS POLL +1.7 PCT)
More to come…
NZD/USD update
The chart was bullish while above structure ahead of the data as follows:
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Kiwi was pushing up against resistance into the data by the 0.6675/90 level.
”Technically, a sustained break above that level puts a move to the September high of 0.6798 into play, and then it’s pretty much blue sky above that,” analysts at ANZ Bank explained.
”The NZD has done well on crosses, with the USD DXY firming a touch.”
More to come…
About CPI
Consumer Price Index released by the Statistics New Zealand is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services. The purchasing power of NZD is dragged down by inflation. The CPI is a key indicator to measure inflation and changes in purchasing trends. A high reading is seen as positive (or bullish) for the NZD, while a low reading is seen as negative
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