2014.04.1523:08:00UTC+00NZ Dollar Falls After Inflation Data

The New Zealand dollar drifted lower against other major currencies in Asian deals on Wednesday as the nation's consumer price growth slowed more-than-forecast in the first quarter.

Consumer prices in New Zealand were up 0.3 percent on quarter in the first quarter of 2014, Statistics New Zealand said today.

That was shy of forecasts for 0.5 percent, and it accelerated from the 0.1 percent gain in the previous three months.

On a yearly basis, consumer prices climbed 1.5 percent - also missing expectations for 1.7 percent and down from 1.6 percent in the fourth quarter of 2013

The kiwi declined to 0.8579 against the greenback for the first time since April 7. This is down by 0.7 percent from yesterday's closing value of 0.8643. The next possible downside target for the kiwi lies around the 0.85 area.

The kiwi that closed yesterday's deals at 1.5983 against the euro slipped to a 5-day low of 1.6096. If the kiwi extends slide, it may face downside target around the 1.62 zone.

The kiwi slipped to 87.52 against the yen, a level unseen since March 27. Further weakness may take the kiwi to a support around the 86.00 mark.

The kiwi depreciated to 1.0882 against the aussie, its lowest since February 20. The kiwi is likely to eye support around the 1.095 region.

At 12:30 am ET, Japan final industrial production for February is due.

Eurozone final CPI for March is set for release in the European session.

The U.S. building permits, housing starts and industrial production data for March and Federal Reserve's Beige book report are expected in the New York session.