Early Wednesday in Asia, Statistics New Zealand released the quarterly Retail Sales data for the second quarter (Q2) of 2023.
As per the details, New Zealand’s (NZ) headline Retail Sales figures improves to -1.0% QoQ compared to the market expectations of -2.6% and -1.6% previous readings (revised from -1.4%).
That said, the Real Retail Sales also improved to -3.5% YoY from -4.1% prior details.
However, the Retail Sales ex Autos, also known as the core Retail Sales, drops to -1.8% QoQ for the same period from -1.1% prior but came in better than -2.5% market forecasts.
It’s worth noting that Reserve Bank of New Zealand Chief Economist Paul Conway crossed wires, via NZ media, earlier in the day and said they’re (RBNZ) mindful of the latest fall in the New Zealand Dollar (NZD), as the Kiwi drops to the yearly bottom.
RBNZ’s Convay also defended the central bank’s inaction by saying that they would lower the OCR sooner than they have signaled if there was a more significant slowdown in China than the RBNZ expects.
Market reaction
NZD/USD initially refreshed the intraday low to 0.5938 on the data release before recently picking up bids to 0.5945.
About New Zealand Retail Sales
The retail Sales released by Statistics New Zealand measures the total receipts of retail stores. Quarterly percent changes reflect the rate of changes in such sales. Changes in Retail Sales are widely followed as an indicator of consumer spending. A high reading is seen as positive (or bullish) for the NZD, while a low reading is seen as negative (or bearish).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks

EUR/USD rises toward 1.0500 ahead of US data
EUR/USD finds a foothold in the second half of the day on Tuesday and rises toward 1.0500. The modest selling pressure surrounding the US Dollar helps the pair edge higher as investors await February Consumer Confidence Index data from the US.

GBP/USD regains traction, rises above 1.2650
GBP/USD gathers bullish momentum and trades above 1.2650 after declining toward 1.2600 earlier in the day. Market attention shifts to BoE Chief Economist Pill's speech and US Consumer Confidence data for further impetus.

Gold extends correction toward $2,930
Gold stays under modest bearish pressure and declines toward $2,930. US President Donald Trump is expected to sign new executive orders following the news of his administration seeking to toughen semiconductor restrictions on China.

Bitcoin edges below $90,000, ending its long streak of consolidation
Bitcoin (BTC) continues to trade in red, reaching a low of $88,200 during Tuesday’s early Europen trading session and hitting the lowest level since mid-November after falling 4.89% the previous day.

Five fundamentals for the week: Fallout from German vote, Fed's favorite figure stand out Premium
Statements, not facts, are set to dominate the last week of February. Further fallout from Germany's elections and new comments from Trump on trade may overshadow most figures –but not the Fed's favorite inflation figure.

The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.