NZ Treasury: Retail sales rebound strongly in the quarter


New Zealand’s (NZ) Treasury is out with its Weekly Economic Update, with the key highlights found below (via Reuters).

Retail sales rebound strongly in the quarter, experienced their highest growth on record.

Annual GDP was revised up by $7.9 billion in the year to March 2020 relative to the previously published quarterly data

Card spending has shown a steady recovery in November after some volatility.

The number of people receiving income support continues to fall. 

Market reaction

The New Zealand dollar is drawing bids on the upbeat weekly update from the Treasury and a solid jump in the Chinese Industrial Profits data.

The NZD/USD pair was last seen trading at 0.7011, up 0.09% on the day. The pair flirts with the highest levels since June 2018 reached at 0.7016 on Thanksgiving Day.

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