New Zealand CPI stronger than expected in Q1, above RBNZ target

New Zealand's Q1 CPI came in stronger than expected, surpassing the Reserve Bank of New Zealand's (RBNZ) inflation target band. The upside surprise has reinforced expectations that the RBNZ may maintain a higher-for-longer interest rate stance, supporting the New Zealand dollar through elevated rate differentials. This inflation print reduces the near-term likelihood of rate cuts, challenging market pricing that had anticipated earlier easing. The data strengthens the RBNZ's hawkish bias, likely bolstering NZD/USD and increasing pressure on local bond yields. Traders will focus on the upcoming RBNZ monetary policy statement for signals on whether officials will push back against market rate-cut expectations.

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