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Currency
by ForexNewsNow Team on July 13, 2010

Forecast: How will N.Z. retail sales data impact NZD/USD?

NEW YORK (Forex News Now) – New Zealand’s statistics bureau is set on Tuesday to release heavily anticipated data on retail sales in the country, in one of the day’s spotlight FX news events.

The data, which is an important gauge of consumer spending, is expected to show that retail sales grew during 0.6 percent month-on-month in May, according to two global forex news outlets, after a decline of 0.3 percent in April.

The bureau is scheduled to publish the report at 10:45 P.M. GMT; as such, the data is likely to dominate late U.S. currency trading.

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According to forex analysis, should the report show worse-than-expected growth, or even a contraction in sales, NZD/USD could be pushed down toward support around the low of July 8, 0.7022.

If the report shows that sales grew faster than forecast, however, the currency pair could be lifted toward resistance around the high of April 30, 0.7325.

 

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