Kiwi down after subdued CPI data

The NZD/USD pair is currently trading around $0.6530 on Thursday after the CPI data was released. It is lowest in 5 years. Earlier today Statistics New Zealand reported a 0.4% rise in the CPI last quarter, coming in below the market's expectation of a 0.5% rise.

The RBNZ is due to give its next Official Cash Rate (OCR) decision in a week, which economists are betting will see the bank lower the cash rate a further 25 basis points to 3.00%, following up last month's cut.

Pressure on the Reserve Bank of New Zealand (RBNZ) to cut interest rates at next week's meeting has been coming thick and fast over the last 24 hours.