We've had data from New Zealand earlier:New Zealand Q3 PPI: Outputs +0.6% (+0.7% expected) Inputs +0.2% (expected +0.9%)Nothing there to deter the RBNZ from further easing. Not bullish for kiwi. We've had data from Oz also:Australia data - Wage Price Index for Q3 2025: 0.8% q/q (expected 0.8%)The data was in line with market and RBA expectations. AUD and NZD have been notable lowers. In the absence of other news I'm putting it down to the diminishing prospects of Fed rate cuts given inflation in the pipeline:Bessent says Trump's $2000 checks to Americans won't be inflationary ... don't spend itBut ... thats only one possible narrative I guess. This article was written by Eamonn Sheridan at investinglive.com.