Electronic card spending accounts for nearly 70% of core retail sales in New Zealand

Retail Card Spending in at a substantial beat, +0.8% m/m

  • expected +0.5%, prior 0.6%, revised from 0.4%

Total 0.4% m/m

  • prior +0.5%

This is often not too much of a kiwi $ mover, but this result will be viewed as a positive for the economy and the currency. Add in the revision to the May result. This is a solid result and comes after a run of less than stellar economic data from NZ. Things looking on the up in NZ, and should go some way to calming nerves of a move from the RBZ to a little dovey. The RBNZ is firmly in neutral though the run of softness had brough in some doubts.

Earlier: