New Zealand Q3 CPI is out tonight/early Friday

New Zealand Q3 CPI is out tonight/early Friday. The fall in NZD should see enough upward pressure on prices of tradable items for headline inflation post a modest 0.2%q/q rise in the quarter, although base effects would leave the y/y rate down 0.2ppts to 0.1%. Core measures should better reflect the weak pace of nominal wage growth in the economy. 

"With markets <20% priced for a cut this month (and only half-priced by year end), we think the risks are asymmetric. We have recommended long GBP/NZD as our tactical trade of the week", notes RBC Capital Markets.