New Zealand’s CPI q/q release crossed the wire at 21:45 UTC on 21 October, and the New Zealand dollar slipped broadly in the 45 minutes that followed. The sharpest reaction came in GBPNZD, which led the move.
Where the Kiwi moved
GBPNZD rose 0.34%, climbing from 2.34597 to 2.35384 β the largest shift on our feed and a clear sign of a softer Kiwi against the pound.
EURNZD followed closely, up 0.33% from 1.96774 to 1.97413, as the euro gained similar ground on the New Zealand dollar.
AUDNZD added 0.27%, moving from 1.23109 to 1.23441, with the Australian dollar firmer against its trans-Tasman neighbour.
Where the Kiwi sat on the base side of the pair, the moves were smaller. NZDCHF eased 0.19% from 0.46986 to 0.46897, NZDUSD slipped 0.16% from 0.56987 to 0.56896, and NZDJPY dipped 0.11% from 90.072 to 89.972.
What the reaction shows
The reaction pointed in one direction: the New Zealand dollar was weaker against every counterpart on our feed. The pull was uneven, though. The largest moves clustered in the European crosses β the pound and the euro β while the declines against the US dollar, Swiss franc and Japanese yen all stayed inside a fifth of a percent.
That leaves a picture of a modest, broad-based Kiwi softening after the inflation print, concentrated more in the GBP and EUR pairings than in the dollar bloc.
Descriptive market news from the ForexBullion Research Team. Not investment advice.
