The New Zealand dollar strengthened against other major currencies in the Asian session on Tuesday, as traders increased their bets in favor of interest rate hikes by the Reserve Bank of New Zealand (RBNZ) in the near future due to higher-than-expected New Zealand (NZ) Q1 Consumer Price Index (CPI) data.
According to the data, the NZ CPI increased by 0.9 percent, exceeding both the prior figure of 0.6 percent and predictions of 0.8 percent. Price pressures increased gradually by 3.1 percent annually, whereas a moderate growth rate of 2.9 percent was expected.
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