New Zealand CPI data higher than expected - ASB sees RBNZ staying on sidelines

The New Zealand Q2 inflation data was published earlier from Stats NZ:

• New Zealand Q2 CPI 1.1% q/q (vs. expected 1.0%)

NZD/USD was marked up, but if you check out your charts you'll see it wasn't sustained:

• NZD marked higher after NZ CPI data higher than expected

ASB on the data:

• core inflation remains stubborn
• sticky non-tradeables inflation
• RBNZ will be kept on alert and will hold rates high for a good while to come
• RBNZ remains on hold though

NZD update: