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NZ Retail Sales beat expectations, NZD sees small appreciation.

Written by Sam Coxhead on August 25th, 2011.      0 comments

11:00 AM (NZT) The just released NZ retail sales numbers for the 2nd quarter have shown a .9% increase vs an expectation of a .7% increase. This saw some slight appreciation of the NZD.
In markets offshore the likelihood of further quantitative easing (QE) being flagged by US Fed Chair Bernanke at this weekend’s Jackson Hole central bankers symposium has fallen. Much stronger than expected US Durable Goods data meaning that there is not enough to warrant such action at this time. Gold investors have been spooked and it saw the price fall over $100 down to $1,745 , after reaching the record high of $1,915 during Mondays trade. US yields have also risen, with the bench mark US 10yr  reaching 2.30% today , after plunging below 2.00% two weeks ago as the market got ahead of itself with the prospect of QE3.
On the whole, it could be expected that we will see further range trading in markets, whilst seeing high levels of daily volatility within the broader ranges.
Of note is  a trade recommendation by US bank Morgan Stanley overnight to sell both the NZD and AUD with the expectations that we see further downward pressure on global equity markets in the short term.

          Past 24 hours
  Current level Pre-NZ Retail Sales  % Chge NZ Retail Sales   Low High
NZD/USD 0.8293 0.8275 0.22%   0.8258 0.8553
AUD/USD 1.0465 1.0462 0.03%   1.0440 1.0529
NZD/AUD 0.7925 0.7910 0.19%   0.7880 0.7923
AUD/NZD 1.2618 1.2642 -0.19%   1.2621 1.2690
NZD/GBP 0.5065 0.5057 0.16%   0.5010 0.5064
NZD/EUR 0.5753 0.5745 0.14%   0.5721 0.5781
NZD/YEN 63.89 63.75 0.22%   63.28 64.06
NZD/CAD 0.8190 0.8175 0.18%   0.8161 0.8252