January to March 2018 retails sales data from NZ was out earlier: New Zealand data: Q1 retail sales +0.1% q/q
This was a big miss , consensus was at +1%
From Westpac's response to the data, a few snippets:
- signals downside risk to our Q1 gross domestic product forecast
- Fits with other signs that the economy is slowing
- expect household spending growth will remain modest over the coming year as the housing market cools in response to government policy changes
NZD was marked lower immediately on the data and has since sold a little further down. some leveraged sellers notable. Bids coming back in around 0.6885/95
