• NZD/USD +0.3% from Tue 0.59345 low as traders lean towards higher OCR

• RBNZ Q2 inflation expectations survey due Wed (prior 2.59% 1-year)

• Futures market pricing now implies 59.7% chance of May 27 hike

• Pair becoming well supported above former 0.5930 resistance

• U.S. inflation spikes most in 3-years, Apr CPI 3.8% y/y (prior 3.3%)

• Oil stockpile anxiety rising as Iran peace deal evaporates, WTI +4.1%

• U.S.-CN meeting in focus, trade & business agenda expected to dominate

• Range NZ 0.5944-545, support 0.5930 0.5680, resistance 0.6090-95 0.6120
NZD Daily 55-DMA

(James Connell is a Reuters market analyst. The views expressed are his own.)