NZ Retail Sales for Q2 numbers have just been released

NZ Retail Sales for Q2 numbers have just been released.

They came in worse than expected:

Real Retail Sales (Q2) +0.1% (Consensus +0.5%)
Adjusted Retail Sales on Qtr +0.1% (Consensus +0.8%)

Higher online sales offset drops in spending on fuel, accommodation, and bars & restaurants. This will heighten speculation of further interest rate cuts by the RBNZ – rate cuts of 0.44% are currently priced into the interest rate market over the next 6 months.

Q1 Retail Sales were revised lower to +2.3% from +2.7%.

The NZD is lower in immediate response.

Current indicative levels are:

NZD-USD 0.6540 / 0.6565
NZD-AUD 0.8875 / 0.8900
NZD-EUR 0.5860 / 0.5895
NZD-GBP 0.4185 / 0.4210
NZD-JPY 81.40 / 81.65
NZD-CAD 0.8545 / 0.8570

ENDS

© Scoop Media