New Zealand Dollar drops on weak CPI data

During Tuesday's trading session, the New Zealand Dollar significantly depreciated against the Greenback by 1.57% or 104 pips.  

The slump was driven by the New Zealand CPI data release that came out worse-than expected of 0.1% compared with the forecasted 0.3%.  

According to analysts, the Reserve Bank of New Zealand is now pressured to cut interest rates in May. Also, as the global economic growth weakens, it is expected, that the RBNZ could reduce the rates once more before the end of 2019.