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Little Reaction As Retail Sales Fall In Q1

NZD

There has been little reaction in kiwi thus far this morning after Q1 Retail Sales ex Inflation fell 1.4% Q/Q, a rise of 0.2% had been expected. The prior read was revised lower to -1.0% Q/Q from 0.6%.

  • NZD/USD prints at $0.6245/50, unchanged from yesterday's closing levels. A narrow ~10 pip range has been observed thus far.
  • AUD/NZD is also little changed, the cross continues to see-saw around $1.06 in narrow ranges.
  • Today's data calendar is headlined by the RBNZ's monetary policy decision, the bank is forecast to raise the OCR by 25bps to 5.50%.

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