NZ Dollar Recovers After Disappointing Retail Sales

The New Zealand dollar rose during Thursday’s quiet trading. The currency weakened following the release of disappointing retail sales data, but quickly recovered.

New Zealand retail sales rose just 0.2% in the September quarter from the previous three months versus the forecast increase of 0.4% and the previous quarter’s growth of 1.8%. The core components of the indicator rose by 0.5%, compared to the predicted increase of 0.9% and the gain by 1.9% registered in the previous reporting period.

A trade balance report will be released at 21:45 today.

NZD/USD rose from 0.6878 to 0.6895 as of 10:58 GMT today, bouncing from the daily low of 0.6865. NZD/JPY gained from 76.50 to 76.70 after touching the low of 76.26.

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