The NZD/USD is effectively unchanged from its closinglevel on Friday of 0.8360, after drifting lower through theovernight session.Yesterday morning saw the release of NZ’s Q4 retail salesfigures, which rose “just” 1.2%, against marketexpectations of a 1.7% rise. Despite the headline miss, thetrend in retail sales volume growth remains in line with ourexpectations of a booming domestic economy. As such, weexpected the initial drop lower in NZD/USD to be retraced.This was the case, and the NZD/USD was higher by midafternoon.
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