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Forex - NZD/USD edges up on N.Z. retail sales data

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Investing.com -

Investing.com - The New Zealand dollar edged up against its U.S. counterpart on Thursday, after the release of positive retail sales data from New Zealand, while marketes eyed upcoming U.S. jobless claims data.

NZD/USD hit 0.8488 during late Asian trade, the session high; the pair subsequently consolidated at 0.8478, adding 0.24%.

The pair was likely to find support at 0.8420, Wednesday's low and resistance at 0.8531, the high of August 5.

Official data earlier showed that retail sales in New Zealand rose 1.2% in the last quarter, beating expectations for an increase of 1.0%. Retail sales for the first quarter were revised to a 0.8% gain from a previously estimated 0.7% rise.

Core retail sales, which exclude automobiles and gas stations, advanced 1.2% in the second quarter, compared to expectations for a 1.1% rise. In the three months to April, core retail sales increased 1.0%, up from a previously estimated 0.8% gain.

A separate report showed that the New Zealand Business Manufacturing Index ticked down to 53.0 last month, from a reading of 53.4 in June, whose figure was revised up from a previously estimated 53.3.

The kiwi was higher against the euro, with EUR/NZD slipping 0.23% to 1.5764.

In the euro zone, data showed that Germany's gross domestic product shrank by 0.2% in the three month to June, the first drop since 2012. Economists had forecasts a contraction of 0.1%. First quarter growth was also revised down to 0.7% from 0.8% previously.

Earlier Thursday official data showed that French GDP was flat in the second quarter, the second consecutive quarter of stagnation. Economists had expected an expansion of 0.1%.

The weaker than expected data added to concerns that the economic recovery in the euro area is losing momentum, adding to pressure on the European Central Bank to do more to bolster growth after it cut rates to record lows in June.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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