NZD/USD Leaps at New Zealand Quarterly Sales Increase
The Takeaway:New Zealand Retail Sales (Q4) > +2.1% versus September Quarter > Total Sales and Sales Volumes on the Rise Since 2009 > NZDUSD Bullish
In December 2012, New Zealand retail sales volumes had their strongest quarterly increase in six years. According to the Statistics New Zealand, the volume of total retail sales rose +2.1 percent compared to the September 2012 quarter. Business statistics manager, Blair Cardon, stated “twelve of the 15 retail industries had higher sales volumes in the latest quarter.”
The industries that led this quarter’s increase were:
- fuel retailing
- hardware, building, and garden supplies retailing
- motor vehicle and parts retailing.
This is the second large increase in a row for the hardware, building, and garden supplies industry. When looking at the longer-term picture, the trends for total sales volume and total sales value have been rising since 2009.
Chart from FXCM Trading Station, created by Courtney Edwards
At the time of the report, the pair was trading at 0.8513. Prior to the release, the NZD was trading near a two-year high against the U.S. dollar. The pair hit 0.8492 during late Asian trade, the highest since February 9, 2011.
--- Written by Courtney Edwards, DailyFX Research
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