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This sets the tone of what we might expect at 11am, when New Zealand releases its two-year outlook for inflation that could prompt another move in the market.
Output PPI fell to -0.5%, from 0.9% in Q1, while PPI for input dropped to -1%, from 1% over the same period. That prompted a jump of over 0.4% in pairs like AUD/NZD, and a sell-off in NZD/USD and NZD/CHF.