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NZD Spikes After Inflation Reported Larger Than Anticipated

Speaking Factors:

The NZD is leaping as Kiwi bulls speculate over a possible shift in Reserve Financial institution of New Zealand coverage from dove to hawk

New Zealand inflation has firmed up not too long ago with the CPI gauge in step with the central financial institution’s 1-Three % goal vary for the final 9 quarters

Statistics New Zealand simply launched the nation’s newest CPI studying, which got here in at 1.9 %, or zero.1 % greater than anticipated. The information despatched the New Zealand Greenback hovering towards the USD as firming inflation might lead the Reserve Financial institution of New Zealand to shift from a impartial stance to a doubtlessly hawkish one.

NZDUSD INDEX PRICE CHART: 5-MINUTE TIME FRAME (JANUARY 22, 2019 INTRADAY) (CHART 1)

NZDUSD Currency Price Chart January 22, 2019 after Inflation Data

The nation has reported CPI information above consensus for the second consecutive quarter, with the indicator following a strong upward revision to GDP numbers launched final month. Though the RBNZ is considered as a comparatively dovish central financial institution, there’s a rising case for New Zealand financial coverage setters to tip the needle in the direction of tightening. In flip, tighter financial coverage pushes up rates of interest and thus makes the home forex extra engaging relative to different currencies.

NEW ZEALAND ANNUAL INFLATION RATE PRICE CHART: QUARTERLY TIME FRAME (JANUARY 15, 2018 TO JANUARY 15, 2019) (CHART 2)

NZD Spikes After Inflation Reported Higher Than Expected

Written by Wealthy Dvorak, Junior Analyst for DailyFX

Observe on Twitter @RichDvorakFX

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