New Zealand retail sales unexpectedly weakened in February. Sales slipped back by 0.6% on the month in February, a move that was worse than the consensus forecast for a 0.2% rise to follow the revised 0.7% gain in January. Meanwhile, core sales (excluding autos) slipped by 0.9% in February, disappointing calls for a 0.4% rise to exceed the 0.3% gain previously. Following the downbeat data, NZD/USD sold off by 53 pips to hit $0.7086USD in a move that more than wiped out the minor 15 pip gain the pair managed on Tuesday. NZD/USD is now at its worst level since last Friday, when the pair touched $0.7162USD before it was strengthened by rumours of the Greek loans injecting risk appetite into markets. Support lies down at $0.7008USD from April 8.
NZD/USD Plummets as Kiwi Retail Sales Post Surprise Decline in Feb.
New Zealand retail sales unexpectedly weakened in February. Sales slipped back by 0.6% on the month in February, a move that was worse than the consensus forecast for a 0.2% rise to follow the revised 0.7% gain in January. Meanwhile, core sales (excluding autos) slipped by 0.9% in February, disappointing calls for a 0.4% rise to exceed the 0.3% gain previously. Following the downbeat data, NZD/USD sold off by 53 pips to hit $0.7086USD in a move that more than wiped out the minor 15 pip gain the pair managed on Tuesday. NZD/USD is now at its worst level since last Friday, when the pair touched $0.7162USD before it was strengthened by rumours of the Greek loans injecting risk appetite into markets. Support lies down at $0.7008USD from April 8.
