Kiwi Rises on Mixed Retail Sales Data
The New Zealand Dollar shrugged off an initial drop to make gains against its US counterpart following better than expected Core retail sales figures.
The initial decline came after official data released on Monday showed that New Zealand’s retail sales figures increased less-than-expected in January. In the report released by Statistics New Zealand, retail sales increased to 1.2%, last month, following the 1.6% recorded in December.
The release of the figures sent the New Zealand dollar lower as analysts had been expecting retail sales to show an increase of 1.4% last month.
Improved Core Retail Sales
The decline in the Kiwi proved to be short lived. Immediately after the disappointing retail sales figures, came a surprise leap in core retail sales data.
In a report released by Statistics New Zealand, core retail sales in New Zealand increased more-than-expected last month. Official data showed that N.Z. core retail sales increased to a seasonally adjusted figure of1.4%, up from the 1.1% recorded in the preceding month. The figures came as welcome relief after analysts had been expecting N.Z. core retail sales to show an increase of just 1.1% last month.
The large jump in core retail sales helped send the NZD/USD up 0.26% to $0.6665 at time of writing.
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