New Zealand CPI for the first quarter came in at +0.4% which was slightly lower than the markets' +0.5% estimate (click on chart to enlarge). The Kiwi dropped a bit on this release to the 0.8470 level. The RBNZ has all but promised that they would keep the OCR at 2.5% and, unless there is a sizable uptick in inflation, they are probably quite content to stand pat when they meet next week.
USD/JPY was stronger as it breached 98, setting off stops before running out of steam around 98.30. The rest of the majors were stuck in a consolidative range. Gold traded between 1365 and 1384 as yesterdays' rebound rally from the 1321 lows seems to have run out of momentum around 1400.