The NZD was the outperformer amongst the majorsovernight, with NZD/USD up 0.4% to 0.8490. No doubt this performance was helped by a strong Q2retail sales report, which saw real volumes rise by 1.2% q/q(+1.0% exp.), as well as an upward revision to the previousquarter. This gives us some confidence with our pick for Q2GDP of +1.0% q/q, to be up 4.2% y/y. It makes clear thatNZ’s strong economic story still has some way to run.
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