The downtrend that started since last Thursday received a boost today thanks to weaker than expected NZ Consumer Price Index which came in at a surprising 1.5% versus the expected 1.7% and previous 1.6%. This unexpected slowdown in inflation growth reduce the urgency for central bank RBNZ to hike rates, pushing NZD/USD sharply lower. However, even though price managed to clear the 0.86 round figure support, it seems that the latest CPI miss has failed to really ignite a more aggressive bearish sell-off. Pace of decline remains similar to the original downtrend, with prices staying within the descending Channel. In ... (full story)