May's print marked the smallest drop since November 2014. Meanwhile, producer prices fell 2.8%, beating the 3.3% drop that was anticipated. The reading was the lowest since January and came as food inflation hit 5.9%. China's CPI rose 2% year-over-year in May, missing the 2.3% gain that economists had forecast.
7104.Ĭonsumer prices in China rose lose than expected. The New Zealand dollar is stronger by 1.3% at. The bank warned, " The exchange rate is higher than appropriate given New Zealand’s low export commodity prices," and said it expects inflation to pick up as a result of accommodative monetary policy. The Reserve Bank of New Zealand held its key interest rate unchanged at 2.25%, as expected.
The South Korean won ended little changed at 1155.89. The rate cut was the first since June 2015, and comes as "exports have continued their trend of decline." Thursday's decision, while unexpected, wasn't completely out of left field, as the bank appointed four new board members in March, at least a few of whom are considered to be dovish. The Bank of Korea cut its benchmark interest rate 25 basis points to a record low 1.25%. Account icon An icon in the shape of a person's head and shoulders.
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