The New Zealand dollar fell to around $0.601 on Wednesday but remained near a six-month high, amid expectations of tighter monetary policy. Data last week showed fourth-quarter consumer inflation rose more than expected and was above the Reserve Bank’s target range, reinforcing the view that interest rates may need to move higher later this year. Governor Anna Breman also refrained from pushing back against bets of a rate increase this year, a shift from her earlier tone, when she had downplayed the likelihood of a near-term hike. Meanwhile, Finance Minister Nicola Willis said the inflation data was a “blip,” but acknowledged that the central bank would eventually need to begin raising interest rates. The RBNZ is expected to keep rates unchanged at its February meeting, though markets are pricing in a high probability of a hike by September, with roughly a 50% chance of a move as early as July. Externally, the kiwi also benefited from a weaker US dollar.

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