Economic and event calendar in Asia Tuesday, April 21, 2026. New Zealand inflation data.

Westpac says New Zealand's Q1 NZIER business survey shows only a modest improvement in confidence amid soft underlying activity, while Q1 CPI data point to sticky disinflation. Core and non‑tradables inflation — especially services — remain firm and tradables inflation is offering less relief, leaving inflationary pressures more persistent than hoped. Westpac interprets the mix as strengthening the case for the Reserve Bank of New Zealand to remain cautious and keep policy restrictive, keeping the hurdle for rate cuts high. Market impact: this view is supportive for NZDUSD and NZ short‑end yields, and it delays expectations for near‑term RBNZ easing.