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NZD falls after RBNZ survey shows cooling two-year inflation expectations

Two-year inflation expectations eased to 2.3% in Q3 2026 from 2.5% in Q2, weighing on NZD/USD which trades about 0.4% lower near 0.5836.

Reported · Written up by our desk · Major Pairs

New Zealand’s two-year inflation expectations cooled in the Reserve Bank of New Zealand’s latest monetary conditions survey, falling to 2.34% in Q3 2026 from 2.53% in Q2.

The survey’s two-year measure is viewed as the timeframe when RBNZ policy changes are expected to work through to prices, and the NZD reacted negatively to the slowdown in that outlook.

FXStreet reports that as of writing, NZD/USD was trading 0.37% lower, around 0.58357.

The article notes that inflation is typically tracked via consumer price measures, with core inflation often emphasized by central banks, and that higher inflation can strengthen a currency when it leads to higher interest rates, while easing inflation can do the opposite.

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