NZD/USD-Commentary

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November 26, 2025

USD, AUD, NZD, JPY, GBP flows: Risk positive moves overnight, JPY weak, GBP a focus today
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November 26, 2025 8:22 AM UTC

NZD and AUD gain on RBNZ, higher Australian CPI and risk positive market tone. JPY weakness on the crosses looks overdone. GBP in focus ahead of UK Budget

October 08, 2025

JPY, NZD, EUR, SEK flows: JPY and NZD down sharply, EUR resilient
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October 8, 2025 7:07 AM UTC

JPY extends weakness on weak wage data, NZD drops sharply on 50 bp RBNZ cut. EUR resilient despite likely erratically weak German production data 

NZD/USD flows: 50bps Surprise
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October 8, 2025 4:23 AM UTC

RBNZ Cut by 50bps, more than expected

August 20, 2025

NZD/USD flows: RBNZ Signaling More Cuts
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August 20, 2025 3:52 AM UTC

RBNZ Signaling More Cuts

July 21, 2025

NZD/USD flows: Q2 CPI Lower Than Expected
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July 21, 2025 5:30 AM UTC

New Zealand Q2 CPI 0.5% q/q, 2.7% y/y

May 28, 2025

NZD, AUD flows: NZD firmer after RBNZ, AUD has potential to follow
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May 28, 2025 6:56 AM UTC

NZD gains as RBNZ sounds less dovish than expected after cut. AUD has potential to follow.

February 19, 2025

NZD/USD flows: 50bps cut as expected
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February 19, 2025 1:49 AM UTC

The RBNZ cut by 50bps as expected

January 22, 2025

NZD/USD flows: RBNZ Preferred Inflation Lower
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January 22, 2025 5:00 AM UTC

New Zealand Q4 2024 CPI +0.5% q/q  and +2.2% y/y
RBNZ's own preferred inflation model 3.1% y/y

November 27, 2024

NZD, JPY, EUR flows: USD softer on RBNZ, lower US yields
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November 27, 2024 7:52 AM UTC

NZD rallies on RBNZ. USD softer against JPY as yield spread correlation kicks in

NZD/USD flows: False Break?
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November 27, 2024 4:48 AM UTC

RBNZ cut by 50bps but Kiwi jumps

October 14, 2024

NZD/USD flows: Economic data remain soft
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October 14, 2024 1:57 AM UTC

Credit card retail sales continue to contract
service PMI for September 45.7

October 09, 2024

NZD, EUR flows: NZD soft after RBNZ, EUR downside preferred
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October 9, 2024 6:57 AM UTC

NZD weaker after RBNZ rate cut as a further 50bp is seen in November. EUR/USD holding up for now but yield spreads suggest downside risks.

NZD/USD flows: RBNZ Cut As Expected
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October 9, 2024 1:30 AM UTC

RBNZ cuts cash rate by 50bp

August 29, 2024

NZD/USD flows: Strong business outlook
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August 29, 2024 5:08 AM UTC

ANZ business outlook for August 50.6 versus 27.1 prior

August 21, 2024

NZD/USD flows: Stronger USD, Weaker Regional Sentiment
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August 21, 2024 4:52 AM UTC

USD rebounds slightly after three red days in a row
Regional sentiment soft 

August 16, 2024

NZD/USD flows: Q2 PPI Higher
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August 16, 2024 4:36 AM UTC

RBNZ's Assistant Governor Silk says the Bank is taking a measured approach to rate cuts
Q2 PPI Beats

August 14, 2024

NZD/USD flows: RBNZ Cuts and Significant revise OCR path lower
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August 14, 2024 4:46 AM UTC

RBNZ cut its cash rate by 25bp to 5.25%

August 09, 2024

NZD/USD flows: Leading gains on a quiet Friday
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August 9, 2024 2:31 AM UTC

Market sentiment broadly positive

August 07, 2024

NZD/USD flows: Strong Data Pushes Kiwi Higher
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August 7, 2024 4:21 AM UTC

New Zealand Q2 unemployment rate 4.6% (vs. 4.7% expected)

July 30, 2024

NZD/USD flows: Leading the pack
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July 30, 2024 5:15 AM UTC

Majors performing individually

July 19, 2024

NZD/USD flows: Drgged by stronger USD and softer sentiment
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July 19, 2024 4:54 AM UTC

USD broadly stronger and risk sentiment soft

July 17, 2024

NZD/USD flows: Sell the lower CPI fact
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July 17, 2024 3:32 AM UTC

New Zealand Q2 CPI 0.4% q/q (expected 0.5%), 3.3% y/y (expected 3.4%)

July 15, 2024

NZD/USD flows: Contracting Service PMI
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July 15, 2024 4:50 AM UTC

New Zealand June services PMI 40.2 (prior 43.0)

July 10, 2024

NZD/USD flows: Kiwi sunk on RBNZ's forward guidance shift
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July 10, 2024 4:29 AM UTC

RBNZ kept rates unchanged at 5.5% and suggest inflation approaching target range

June 20, 2024

NZD/USD flows: GDP Beats
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June 20, 2024 4:47 AM UTC

New Zealand Q1 GDP +0.2% q/q (expected +0.1%)

May 22, 2024

NZD/USD flows: Jumped But Capped after RBNZ
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May 22, 2024 5:23 AM UTC

RBNZ kept rates at 5.5% but suggest rates higher for longer

April 17, 2024

NZD/USD flows: NZ CPI Arrived at 4%
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April 17, 2024 6:00 AM UTC

New Zealand Q1 CPI comes in at +4.0% y/y, 4.7% prior, +0.6% q/q, prior +0.5%.

April 10, 2024

USD, NOK, NZD, JPY flows: NOK softer, NZD firmer, focus on JPY and US CPI
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April 10, 2024 6:48 AM UTC

NOK softer as CPI comes in weaker than expected. NZD firmer after RBNZ. USD/JPY still hovering close to 34 year highs ahead of US CPI data

NZD/USD flows: RBNZ Suggest Restrictive Rates to Be Longer
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April 10, 2024 6:00 AM UTC

RBNZ kept rates unchanged at 5.5% and suggest OCR to stay restrictive for a sustained period of time

March 28, 2024

NZD/USD flows: RBNZ signals no hike
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March 28, 2024 5:12 AM UTC

New Zealand March consumer confidence plunges to 86.4 (prior 94.5)

February 28, 2024

USD, EUR, AUD, NZD flows: NZD decline leads USD rise
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February 28, 2024 7:49 AM UTC

A lower NZD after the RBNZ left rates unchanged was followed by a generally firmer USD as equities softened

February 14, 2024

AUD, NZD/USD flows: Taking a breather
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February 14, 2024 5:59 AM UTC

USD Retraced Partial Gains on Wednesday Asia 

February 13, 2024

NZD/USD flows: RBNZ Inflation Excpectations Revised Lower
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February 13, 2024 5:42 AM UTC

RBNZ inflation expectations for 1yr at 3.22% from 3.6% and 2yr at 2.5% from 2.76%

February 12, 2024

NZD/USD flows: Quiet Monday as most Asia market observe Lunar New Year
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February 12, 2024 4:16 AM UTC

It is a quiet Monday with markets observing Lunar New Year
RBNZ Gov Orr says inflation remains too high, that's why we've kept cash rate at 5.5%

February 09, 2024

NZD/USD flows: Boosted by ANZ Rate Forecast
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February 9, 2024 4:46 AM UTC

ANZ are expecting the RBNZ to hike its cash rate in February and in April, to 6%

February 07, 2024

NZD/USD flows: Stronger Labor Data Supports the Kiwi
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February 7, 2024 5:10 AM UTC

New Zealand Q4 unemployment rate 4.0% vs 4.2% expected
Labour cost index +3.9% y/y vs 3.8% expected

January 03, 2024

NZD/USD flows: Rebounded the most after falling the most
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January 3, 2024 5:33 AM UTC

Kiwi rebounded after being sunk by the greenback

December 13, 2023

NZD/USD flows: Soft CPI Forecast Giving Kiwi a Beating
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December 13, 2023 5:17 AM UTC

New Zealand Food Price Index (November) -0.2% m/m (prior -0.9%)
Westpac cuts its New Zealand Q4 CPI forecast to 0.3% from 0.6%
New Zealand government removes full employment goal for Reserve Bank of New Zealand