New Zealand’s Retail Sales jump 28% in Q3, NZD/USD bounces

Dhwani Mehta FXStreet

New Zealand’s (NZ) consumption, as represented by the retail spending, jumped in the third quarter, the latest data from Statistics NZ showed on Monday.

The NZ Retail Sales rebounded 28% in Q0Q Q3 vs. 20.0% expected and -14.8% booked in the previous quarter.

Excluding autos, the Retail Volume came in at 24.1% QoQ in Q3 vs. -12.6% expectations and -13.7% prior.

Note that the data comes during the period when level 3 restrictions were placed on the Auckland region due to an outbreak of COVID-19. The rest of New Zealand was placed under level 2.

NZD/USD reaction

The NZD/USD pair bounced-off a daily low of 0.6916 on the big beat in the NZ Retail Sales, now trading flat at 0.6929 levels.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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