The New Zealand dollar jumped today after the government report showed yesterday that the retail sales increase in the third quarter.
New Zealand retail sales (seasonally adjusted) increased 2.2 percent in the third quarter of this year from the second quarter. That’s more than three times about the market expectations (0.6 percent) and better than the previous reading (1.0 percent). The NZ dollar is still in danger from worsening sentiment about the European debt story, but for now the domestic fundamentals are good enough to support the currency.
NZD/USD fell from 0.7914 to 0.7819 and NZD/JPY went down from 61.05 to 60.19 as of 13:57 GMT today.
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