New Zealand’s Q1 2026 CPI is on deck, and with war-driven costs creeping into the books, NZD traders aren’t likely to look away. Our Event Guide for New Zealand's Q1 2026 CPI Report notes that a downside surprise could cast doubts on the interest rate hikes the Reserve Bank of New Zealand (RBNZ) had penciled in earlier this year. Here’s why AUD/NZD and NZD/CHF could set up nicely if inflation comes in cooler than expected: