Swissquote senior analyst Ipek Ozkardeskaya said in a report that the euro against the US dollar, EUR/USD, should remain below 1.09 as there is a high possibility of a rate cut by the European Central Bank next week, while the prospect of a rate cut by the Federal Reserve in September is starting to fade. She stated, "If this week's (Eurozone) inflation data is not unexpected, the dovish divergence between the European Central Bank and the Federal Reserve should prevent the euro/dollar from breaking above the 1.09 level." Euro/dollar is slightly higher today, at 1.0849.

IGM analysts said that the market generally expects that the Reserve Bank of New Zealand will maintain its interest rate decision unchanged, and the tone will not change. Although recent inflation still exceeds the expectations of the Reserve Bank of New Zealand, core inflation is still declining, and the CPI annual rate is expected to reach the target range in the third quarter of this year. In addition, the higher-than-expected unemployment rate indicates a worsening labor market and a re-entry into recession, which should help suppress inflation. Nevertheless, the Reserve Bank of New Zealand may want to see further cooling of CPI before starting to cut interest rates. The Reserve Bank of New Zealand's current forecast suggests a 200 basis points cut in interest rates from the fourth quarter of 2024 to the fourth quarter of 2026.

Richard Flynn, an analyst at Jiaxinli, stated that although today's CPI data may bring comfort to the market as last month's CPI data was unfavorably higher than expected, it is unlikely to prompt an immediate change in interest rates. "Patience is the recent core message from the Federal Reserve. Officials have consistently stated that the current interest rates are sufficiently restrictive to control inflation, and the next step will be a rate cut. However, it is also evident that they are not eager to take action."

Investec's chief economist, Philip Shaw, said that the trend is clearly to cut interest rates at some point. It is not surprising that Bank of England deputy governor Ramsden voted in favor of a rate cut, considering his relatively dovish remarks a few weeks ago. The current situation is that different members emphasize different things when judging the sustainability of inflation, making it difficult to determine the committee's response function, and therefore more difficult to accurately determine the timing of the first rate cut. Our view is that the Bank of England will cut rates in June, which is still absolutely feasible. Obviously, this will depend on the data from now until then, but it will also depend on whether there are enough members in the Monetary Policy Committee who believe that the issue of inflation sustainability is no longer as it used to be.

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