Note

RBNZ Sectoral Factor Model Inflation steadies at +1.8% YoY in Q2

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The Reserve Bank of New Zealand (RBNZ) is out with its Sectoral Factor Model Inflation Index for the second quarter, with the figures coming in at 1.8% YoY vs. 1.8% previous.

This data comes after the official New Zealand (NZ) CPI met the consensus forecasts.

Actual NZ Q2 CPI:  -0.5% QoQ vs. -0.5% expected (0.8% prior) and YoY at 1.5% vs. 1.5% expected (2.5% prior).

About the RBNZ Sectoral Factor Model Inflation

The Reserve Bank of New Zealand has a set of models that produce core inflation estimates. The sectoral factor model estimates a measure of core inflation based on co-movements - the extent to which individual price series move together. It takes a sectoral approach, estimating core inflation based on two sets of prices: prices of tradable items, which are those either imported or exposed to international competition, and prices of non-tradable items, which are those produced domestically and not facing competition from imports.

FX implications

The Kiwi dollar is unfazed by the RBNZ inflation gauge, as NZD/USD trades close to the daily low of 0.6552, at the time of writing. The spot trades 0.17% lower on the day despite upbeat Australian jobs report and Chinese Q2 GDP data.

NZD/USD technical levels to watch

NZD/USD

Overview
Today last price 0.6557
Today Daily Change -0.0015
Today Daily Change % -0.23
Today daily open 0.6572
Trends
Daily SMA20 0.6496
Daily SMA50 0.635
Daily SMA100 0.6195
Daily SMA200 0.634
Levels
Previous Daily High 0.6585
Previous Daily Low 0.653
Previous Weekly High 0.6601
Previous Weekly Low 0.6519
Previous Monthly High 0.6585
Previous Monthly Low 0.6186
Daily Fibonacci 38.2% 0.6564
Daily Fibonacci 61.8% 0.6551
Daily Pivot Point S1 0.654
Daily Pivot Point S2 0.6507
Daily Pivot Point S3 0.6485
Daily Pivot Point R1 0.6595
Daily Pivot Point R2 0.6617
Daily Pivot Point R3 0.665

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Go NZD😘
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Good news for NZD I will say, especially during the weaker dollar times

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