• NZD 0.7525/35 proposition into NZ household inflation expectations data for March
  
  
• Avg 1-year ahead 2.6% vs 3.1% in Dec, 5years out 3.4% vs 4.1% previous
  
  
• NZD fell to c0.7500 on result as outlook of RBNZ rate cuts increases
  
  
• Dilemma is that expected house price inflation ratcheted up to 5.3% from 5.0%
  
  
• Failure to rebound has rate looking at 0.7487 23 Feb low