New Zealand dollar dropping - here's why

The inflation data from NZ is here:

• New Zealand Q1 CPI +6.9% y/y (expected +7.1%)

There is more inflation data for Q1 due from NZ later:

• Here's the 'secret' data release the Reserve Bank of New Zealand will be watching today

(not a secret BTW)

NZD/USD is falling back after the CPI data: