Thu, Oct 28, 2021 @ 08:55 GMT
HomeContributorsFundamental AnalysisNew Zealand Retail Sales Rises 0.1%

New Zealand Retail Sales Rises 0.1%

The U.S. dollar continued to maintain gains on the day on Friday and marks a strong close to the week. The gains come amid higher bond yields and mounting expectations of a rate hike from the Fed in the coming months.

On the economic front, data on Friday saw the release of the German PPI. Producer prices rose 0.5% on the month beating estimates of a 0.3% increase and accelerated from the 0.1% increase in the month before.

Data from Canada stood out as the annual inflation rate rose to 2.3% on the month although inflation was seen rising at a slower pace. Still, the increase to 2.3% is seen to be higher than the BoC’s 2% inflation target rate. Retail sales report also showed that core retail sales excluding autos fell 0.2% on the month but picked up 0.6% on the headline retail sales. Strong revisions to retail sales data for January and February saw the retail sales rising for three consecutive months.

Earlier, the quarterly retail sales report from New Zealand showed that retail sales rose 0.1% on the quarter. This was weaker than the forecasts of a 1.0% increase. Previous quarterly retail sales data was also revised down to show a 1.4% increase.

Looking ahead, the economic calendar for the day is relatively quiet. The ECB will be releasing its financial stability report followed by the FOMC’s Bostic speaking later in the day. The lack of economic data on the day is likely to keep trading subdued and could see the markets digest the information from last Friday.

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