New Zealand Q1 Retail Sales -1.4% q/q (expected +0.2%)

New Zealand Q1 Retail Sales excl. inflation

-1.4% q/q

• expected +0.2%, prior -0.6%

-4.1% y/y

• expected 3.6%, prior -4.0%

more to come

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Ahead from NZ today is the Reserve Bank of New Zealand policy decision, due at 2pm New Zealand time

• 0200 GMT
• 10pm US Eastern time

RBNZ Governor Orr press conference follows an hour later.

Previews:

• NZDUSD goes sideways but keeps bullish bias.RBNZ decision tomorrow night (Wednesday in NZ)
• Poll shows most analysts expect a +25bp RBNZ rate hike on May 24
• Newsquawk Week Ahead: Highlights include FOMC mins, US PCE, RBNZ, Flash PMIs
• ANZ forecasts the RBNZ to raise the cash rate to 5.75% in July
• Westpac forecasts RBNZ will raise cash rate to 6%, keep it there until mid-2024
• Reserve Bank of New Zealand Shadow Board splits over rate hike this week, 0bp vs. 25 vs 50

nzd NZD The New Zealand Dollar (NZD) is the official currency of New Zealand and the tenth most traded currency in the world. Also referred to as the Kiwi, the currency is also utilized in several Pacific islands, including Tokelau, the Cook Islands, Pitcairn islands, and Niue.The NZD’s history is long, extending back to 1934 with the creation of the Reserve Bank of New Zealand. While far from the most traded currency in the global forex market, the NZD has a key role nonetheless.The NZD is considered a The New Zealand Dollar (NZD) is the official currency of New Zealand and the tenth most traded currency in the world. Also referred to as the Kiwi, the currency is also utilized in several Pacific islands, including Tokelau, the Cook Islands, Pitcairn islands, and Niue.The NZD’s history is long, extending back to 1934 with the creation of the Reserve Bank of New Zealand. While far from the most traded currency in the global forex market, the NZD has a key role nonetheless.The NZD is considered a Read this Term