New Zealand January Electronic Retail Card Spending +2.6% m/m (expected +1.9%)

New Zealand Electronic Retail Card Spending +2.6% m/m

• expected +1.9%, prior -2.5%

For the y/y, +2.7%

• prior +4.8%

Card spending data covers around 68% of core retail sales in NZ. Its used as the main retail sales indicator for the country.

Earlier from NZ:

• New Zealand manufacturing PMI for January 50.8 (prior 47.2)

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NZD/USD swung around with the USD more broadly overnight:

Overall, the market is swinging back and forth from optimism about better global growth to pessimism about higher rates and I don't see the paradigm changing any time soon.