Forecast: Economists see rise in New Zealand retail sales

NEW YORK (Forex News Now) – Statistics New Zealand is due on Monday to publish monthly data on retail sales, in the day’s major realtime forex news event affecting the kiwi.

The report is expected to show that the total value of retail sales rose slightly in October, according to reports from local media, after a large jump of 1.6% in September.

The bureau is scheduled to release the report at 9:45 P.M., GMT; as such the data is likely to affect early currency market trading on Tuesday.

The release of the report will be accompanied by the release of data on core retail sales, which measures the change in total retail sales, excluding automobiles.

According to NZD/USD analysis, a rise in retail sales could lift the currency pair toward short-term resistance around the high of Dec. 3, 0.7673.

But should the data show a return to the drop in sales recorded in July and August, the kiwi could be pushed toward support around the Nov. 30 low of 0.7400.