周五，新西兰元稳定在0.597美元左右，暂停了七天的连胜，因为对新西兰储备银行进一步宽松的预期削弱了这一势头。尽管第一季度消费者通胀数据强于预期，但核心通胀指标有所缓解。由于价格压力得到控制，仍在新西兰储备银行的目标范围内，市场继续预计5月份将降息，到年底现金利率将降至2.75%。与此同时，投资者正密切关注美国贸易政策的发展，因为新西兰有着强大的出口关系，尤其是与最大的贸易伙伴中国的关系。特朗普总统周四表示相信，与中国的贸易协议可能会在三到四周内敲定。新西兰元有望连续第二周上涨。

The New Zealand dollar held steady around $0.597 on Friday, pausing a seven-day winning streak, as expectations of further easing by the Reserve Bank of New Zealand sapped the momentum. This came despite stronger-than-expected consumer inflation data in Q1, while core inflation measures eased. With price pressures contained and still within the RBNZ’s target range, markets continue to anticipate a rate cut in May and a reduction of the cash rate to 2.75% by year-end. Meanwhile, investors are closely monitoring US trade policy developments, given New Zealand’s strong export ties—especially with China, its largest trading partner. President Trump expressed confidence on Thursday that a trade deal with China could be finalized within three to four weeks. The Kiwi is on track for its second consecutive weekly gain.

标准普尔/NZX 50指数周四上涨0.4%，收于12119点，连续第二天上涨，本周上涨0.8%。随着投资者等待美日贸易谈判的结果，该指数跟随亚洲同行温和上涨。在国内新闻方面，新西兰第一季度的年通货膨胀率从上一季度的2.2%升至2.5%，略高于市场预测的2.3%。尽管有所上升，但这一数字仍在新西兰储备银行1-3%的目标范围内，不太可能阻止进一步降息。市场仍然完全预计新西兰储备银行将在5月份将3.5%的现金利率下调25个基点，并在10月份将其降至2.75%。在指数权重股中，Infratil（2.2%）、Spark NZ（-1.9%）和A2 Milk（1.95%）大幅上涨。新西兰市场将于周五和下周一因复活节假期休市。

The S&P/NZX 50 index advanced 0.4% to close at 12,119 on Thursday, extending gains for a second day and logging a 0.8% increase for the week. The index tracked moderate gains in Asian peers as investors awaited the outcome of U.S.-Japan trade talks. In domestic news, New Zealand’s annual inflation rate rose to 2.5% in the first quarter, slightly above market forecasts of 2.3%, from 2.2% in the previous quarter. Despite the rise, the figure remained within the Reserve Bank of New Zealand’s 1–3% target range and is unlikely to prevent further rate cuts. Markets still fully expect the RBNZ to cut its 3.5% cash rate by 25bps in May and lower it to 2.75% by October. Among index heavyweights, significant gains were seen from Infratil (2.2%), Spark NZ (-1.9%), and A2 Milk (1.95%). Markets in New Zealand will be closed on Friday and the following Monday for the Easter holiday.

新西兰储备银行2025年第一季度行业因素通胀模型同比下降2.9%。新西兰储备银行（RBNZ）公布了2025年第一季度的部门因素模型通胀指标，此前新西兰统计局周四早些时候发布了官方消费者价格指数（CPI）。

RBNZ Sectoral Factor Inflation Model drops to 2.9% YoY in Q1 2025.The Reserve Bank of New Zealand (RBNZ) published its Sectoral Factor Model Inflation gauge for the first quarter of 2025, following the release of the official  Consumer Price Index  (CPI) by the NZ Stats early Thursday.

周四，新西兰元跌至0.591美元左右，结束了六天的连胜，因为高于预期的消费者通胀数据未能改变市场对进一步货币宽松的预期。新西兰第一季度的年通货膨胀率从上一季度的2.2%升至2.5%，略高于市场预测的2.3%。尽管这一数字有所增加，但连续第三个季度，这一数字仍在新西兰储备银行1-3%的目标范围内，这强化了人们的观点，即这不会阻止进一步的降息。在5月份的新西兰储备银行下一次政策会议上，市场仍对另一个25个基点的利率保持完全定价，预计到年底，利率可能会触底至2.75%。美联储主席杰罗姆·鲍威尔表示，美联储将在调整利率之前等待更多的经济数据，同时警告关税可能导致经济增长放缓和价格上涨，美元走强也给人民币带来了压力。

The New Zealand dollar slipped to around $0.591 on Thursday, snapping a six-day winning streak as higher-than-expected consumer inflation data failed to shift market expectations of further monetary easing. New Zealand's annual inflation rate rose to 2.5% in the first quarter, slightly above market forecasts of 2.3%, from 2.2% in the previous quarter. Despite the increase, the number is comfortably within the Reserve Bank of New Zealand’s 1–3% target range for a third consecutive quarter, reinforcing the view that it won’t prevent additional rate cuts. Markets remain fully priced for another 25bps rate at the RBNZ’s next policy meeting in May, with rates seen potentially bottoming at 2.75% by year-end. The currency also came under pressure from a stronger U.S. dollar after Federal Reserve Chair Jerome Powell said the Fed would wait for more economic data before adjusting interest rates, while warning of the risk of slowing growth and rising prices due to tariffs.