New Zealand Q1 Retail Sales -1.4% q/q (expected +0.2%)

New Zealand Q1 Retail Sales excl. inflation

-1.4% q/q

• expected +0.2%, prior -0.6%

-4.1% y/y

• expected 3.6%, prior -4.0%

more to come

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Ahead from NZ today is the Reserve Bank of New Zealand policy decision, due at 2pm New Zealand time

• 0200 GMT
• 10pm US Eastern time

RBNZ Governor Orr press conference follows an hour later.

Previews:

• NZDUSD goes sideways but keeps bullish bias.RBNZ decision tomorrow night (Wednesday in NZ)
• Poll shows most analysts expect a +25bp RBNZ rate hike on May 24
• Newsquawk Week Ahead: Highlights include FOMC mins, US PCE, RBNZ, Flash PMIs
• ANZ forecasts the RBNZ to raise the cash rate to 5.75% in July
• Westpac forecasts RBNZ will raise cash rate to 6%, keep it there until mid-2024
• Reserve Bank of New Zealand Shadow Board splits over rate hike this week, 0bp vs. 25 vs 50

nzd