NZD PPI Input q/q comes in at 2.9% against 1.1% consensus

New Zealand’s Producer Price Index Input q/q for the latest quarter was reported at 2.9%. This figure significantly surpassed the market consensus of 1.1% and was also higher than the previous quarter’s 1.4%. The actual print represented a 163.6% surprise relative to the consensus expectation.

Following the release, the New Zealand dollar showed a general strengthening against major pairs over the first 15 minutes. NZDUSD moved up 1.0 pips, NZDCAD gained 1.6 pips, NZDJPY rose 0.6 pips, and NZDCHF was up 0.6 pips. Conversely, AUDNZD declined 2.8 pips, EURNZD fell 1.0 pips, and GBPNZD was down 0.3 pips. These initial moves are generally smaller than the median 1-hour moves observed after past PPI Input releases, which typically range from 2 to 8 pips across these pairs.