Positive Retail Sales Data Doesn’t Help NZD Overcome Weakness

Commodity currencies were generally weak today. That translated to the New Zealand dollar even though domestic macroeconomic data was very good.

Retail sales increased by 1.7% in the December quarter after increasing 0.3% in the previous three months. Analysts had predicted a smaller increase by 1.4%. The report allowed the kiwi to pause decline for a short while, but ultimately currency resumes its drop.

NZD/USD dropped from 0.7337 to 0.7293 as of 13:54 GMT today. EUR/NZD gained from 1.6787 to 1.6858.

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