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NZ CPI provides no surprises

Written by Sam Coxhead on January 20th, 2011.      0 comments

11:00 AM (NZT) Overnight the NZD proved volatile as one would expect heading into the company earnings reporting season in the US. The USD remained under pressure for the bulk of the time , before the equity markets slumped in the US as a number of companies missed expectation. This is to be expected once the cost cutting measures have already taken place, and the focus changes to the top line numbers. The stockmarket reversal saw the “risk trades”  taken off the table, which saw the USD make a small rebound. NZD underperformed in offshore markets, giving up ground to the AUD,GBP and EUR ahead of this CPI number.
Expectations for CPI were 2.3% for the Quarter and it came out bang on at 2.3% . Obviously a few participants were gunning for a high than expected number to put pressure on the RBNZ to raise rates earlier than expected. The NZD is down just .1%.
    Last 24 hours trade
  Current level Low High
NZD/USD 0.7709 0.7694 0.7744
AUD/USD 0.9981 0.9898 1.0005
NZD/AUD 0.7725 0.7720 0.7783
AUD/NZD 1.2944 1.2848 1.2953
NZD/GBP 0.4827 0.4811 0.4858
NZD/EUR 0.5765 0.5745 0.5813
NZD/JPY 63.74 63.54 63.87
NZD/CAD 0.7645 0.7665 0.7654