The NZD/USD continued to slide overnight. It sits at 0.8190 this morning. Yesterday’s NZ retail sales data were nothing for the currency to get excited about. Real sales for Q1 (0.5%) were slightly below consensus, but remained remarkably solid given the very strong readings recorded in the previous quarter. In addition, we think Q2 is shaping up to be at least as strong as Q1. The NZD held up well during the day, but came under selling pressure again overnight.
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BNZ