NZD/USD has not seen much follow through from the impressive Q3 CPI beat. The pair spiked above 0.5660, but we now sit back at 0.5640/45, only up slightly on pre-CPI levels. Recent highs above 0.5680 remain intact, while the 20-day EMA comes in at 0.5708. The AUD/NZD cross is back to 1.1150/55, but remains within recent ranges.

• NZ swap rates are higher, the 2yr printing a fresh cyclical high at 5.10, +10bps for the session now. The NZ-US 2yr government bond yield spread should be supported as well, although UST markets aren't trading yet.