NZ Dollar Bounces After Decline Caused by Retail Sales Data

The New Zealand dollar went down intraday during the current trading session due to disappointing retail sales data. But the currency managed to bounce later thanks to risk appetite on the market.

Statistics New Zealand reported that retail sales rose by just meager 0.1% in the March quarter of 2018 from the previous three months, far less than forecasters had predicted — 1.0%. Furthermore, the previous quarter’s increase was revised down from 1.7% to 1.4%. Yet the kiwi managed to shrug off the data with the help of news about waning tensions between the United States and China.

NZD/USD was down from 0.6916 to 0.6884 intraday but bounced to trade near the opening level as of 12:46 GMT today. EUR/NZD traded at 1.7006 after opening at 1.6997 and rising to the daily high of 1.7048.

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