Investing.com – New Zealand’s dollar was down against its U.S. counterpart on Tuesday, falling to a fresh 2-day low, after worse-than-expected data on New Zealand’s retail sales.
NZD/USD hit 0.7267 during European morning trade, the pair’s lowest since September 10; the pair subsequently consolidated at 0.7271, tumbling 0.94%.
The pair was likely to find support at 0.7199, the low of September 9, and resistance at 0.7344, Monday’s high.
Earlier in the day, official data showed that retail sales in New Zealand fell unexpectedly in July, declining by a seasonally adjusted 0.4%, after increasing by a revised 1.0% in June.
Analysts had expected retail sales to remain unchanged in July.
The report also showed that core retail sales, which excludes automobiles, declined by a seasonally adjusted 0.1% in July, after rising by 1.5% in June.
Analysts had expected core retail sales to rise by 0.1% in July.
The kiwi was also down against the euro, with EUR/NZD gaining 0.75% to hit 1.7678.
Later in the day, the U.S. was to release key data on retail sales and business inventories.
NZD/USD hit 0.7267 during European morning trade, the pair’s lowest since September 10; the pair subsequently consolidated at 0.7271, tumbling 0.94%.
The pair was likely to find support at 0.7199, the low of September 9, and resistance at 0.7344, Monday’s high.
Earlier in the day, official data showed that retail sales in New Zealand fell unexpectedly in July, declining by a seasonally adjusted 0.4%, after increasing by a revised 1.0% in June.
Analysts had expected retail sales to remain unchanged in July.
The report also showed that core retail sales, which excludes automobiles, declined by a seasonally adjusted 0.1% in July, after rising by 1.5% in June.
Analysts had expected core retail sales to rise by 0.1% in July.
The kiwi was also down against the euro, with EUR/NZD gaining 0.75% to hit 1.7678.
Later in the day, the U.S. was to release key data on retail sales and business inventories.