Some analysts believe that the latest CPI data in New Zealand is lower than expected, which opens the door for the Reserve Bank of New Zealand to cut interest rates and lower bond yields. Although the non-trade consumer price index was slightly higher than expected, it is likely to be overlooked in the context of declining global interest rates. After the data was released, the Australian dollar fell slightly against the New Zealand dollar, but this was more related to positions before the data was released, and the medium-term upward trend looks intact. New Zealand forward traders have not fully digested expectations of rate cuts next month, but the weak employment report in early August may finalize the central bank's decision to cut interest rates.