NZ data: Q3 retail sales -8.1% q/q (vs. expected -10.5%)

New Zealand spent much of Q3 in some form of lockdown or another - mainly in the largest city, Auckland.

New Zealand Retail sales for Q3 -8.1% q/q

• expected -10.5% q/q (lockdown impact), prior 3.3%

And, for the y/y, -5.2%

• prior 33.3% y/y (the y/y in Q2 was also lockdown impacted)

The focus in NZ this week is the Reserve Bank of New Zealand policy announcement on Wednesday:

• NZDUSD trades to lowest level since mid-November
• RBNZ Shadow Board is overwhelmingly calling for a tightening in monetary policy
• Coming up this week - the RBNZ will hike its cash rate
• RBNZ monetary policy meeting next week - rate hike baked in - preview
• Central bank watch: RBNZ to hike by 50bps?