NZD/USD flows: RBNZ Not hawkish

The RBNZ kept rates unchanged at 2.25% in the April meeting and has revised their inflation forecast. They see crude oil price below 100 USD/b by the end of June, which led to their inflation forecast for March to be just 3% y/y and 4.2% y/y in June. It is interesting we are not seeing a hawkish tilt from the RBNZ with 4.2% y/y CPI expected. They are downplaying such with weak demand and spare productive capacity. 

NZD/USD is trading 1.71% higher at 0.5831.