The NZD was the strongest performer amongst its key peers over the past 24-hours. The NZD/USD sits just above 0.8030 this morning.
Yesterday’s NZ retails sales gave the NZD an initial boost. Q2 volumes rose 1.7% (market 1.5%), on the back of an upwardly revised 0.9% gain for Q1. This took the annual pace to 4.2%, no doubt assisted by current low interest rates and the buoyant housing sector.
The upward momentum in the NZD continued overnight as the USD paddled broadly sideways in fairly stable markets. The NZD/USD pushed up to trade around 0.8030 this morning. Key resistance remains at 0.8060 ahead of 0.8110. Support is eyed at 0.7990.
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