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.
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.
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