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Lower than expected CPI gives further room to the RBNZ if required.

Written by Sam Coxhead on July 17th, 2012.      0 comments

11:07 PM (NZT)  The just released NZ inflation numbers show a .3% rise in consumer prices in the 2nd quarter against a market expectation of a larger .5% rise. This gives the RBNZ further breathing room for a lower cash rate if the economy does not perform to firecasts in the coming quarters.

Balancing rises in electricity and vegetable prices were falls in fruit, telecommmunications and milk prices.

The RBNZ remain likely to maintain a stable 2.50% cash rate for the remainder of 2012 and well into 2013 at this stage. A lowering global growth profile being balanced by a pick up in domestic activity driven in particular by the Canterbury rebuild starting to gain momentum.

Elsewhere is offshore markets overnight the price action was again choppy and uncertain. Lower than expected US retail sales energised calls for further quantitative easing from the FED and the US dollar came under pressure. 

          Past 24 hours
  Current level Pre-NZ Inflation  % Chge since NZ Inflation   Low  High
NZD/USD 0.7964 0.7979 -0.19%   0.7932 0.7990
AUD/USD 1.0240 1.0248 -0.08%   1.0197 1.0263
NZD/AUD 0.7778 0.7785 -0.09%   0.7766 0.7787
AUD/NZD 1.2857 1.2845 0.09%   1.2842 1.2877
NZD/GBP 0.5096 0.5102 -0.12%   0.5089 0.5123
NZD/EUR 0.6492 0.6500 -0.12%   0.6487 0.6523
NZD/YEN 62.76 62.91 -0.24%   62.59 63.21
NZD/CAD 0.8087 0.8096 -0.11%   0.8054 0.8106
Topics: NZ Inflation
 

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