New Zealand Q1 retail sales rise in line with expectations

Forex Pros – Retail sales in New Zealand rose in line with expectations in the first quarter, official data showed on Wednesday.

In a report, Statistics New Zealand said that retail sales rose by a seasonally adjusted 0.9% in the first quarter, after dipping by 0.4% in the previous quarter.

Core retail sales, which exclude automobile sales, rose in line with expectations, climbing by a seasonally adjusted 0.7%, after a flat reading in the fourth quarter of 2010.

Following the release of the data, the New Zealand dollar was down against its U.S. counterpart, with NZD/USD shedding 0.42% to trade at 0.8146.

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