NZ July Card Spending Retail: +0.7% m/m (expected 0.5%)

New Zealand data again, earlier we got:

• NZ manufacturing PMI for July: 51.2 (prior 52.8)
• NZD traders - Fonterra has cut its 2017/2018 farm gate milk price
• (and some Friday giggles from the RBNZ: I think the RBNZ is trolling the algos with a 'managed exit' tweet)

And now, this from Stats NZ

Card Spending Retail +0.7% m/m for a nice beat

• expected 0.5% m/m, prior 0.8%
• For the y/y, +4.5%

Card Spending Total 0.5% m/m

• prior 0.4%

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The point about this data point is that electronic card spending accounts for nearly 70% of core retail sales in New Zealand