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Economic Statistics: New Zealand Retail Sales weaker

Posted by Akhilesh Ganti on May 13, 2013 6:56:00 PM

First quarter retail sales figures for New Zealand rose +0.5% which was lower than market estimates of +0.8%. This report reflects an economy that is chugging along quite nicely and the fact that it didn't come out as forecast implies that inflation is not a concern yet. RBNZ Governor Wheeler had indicated that he is monitoring credit growth and rising household debt levels and this data should ease his concerns for now. The NZD/USD, which had been trading around 0.8269 prior to the release, fell to its current session lows of 0.8246. 

{chart:Bloomberg}(click to enlarge)

NZ retail sales Q12013

 

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