NZ retail sales shrink
Currency rates for the New Zealand dollar have lost ground during today's trading after retail sales came in weaker than expected at -0.5% lower than in June. This is the second month in a row retail sales have fallen and supports the view that recovery will be a long slow process for the New Zealand economy.
House prices in New Zealand rose 1.2% in the month to August and have climbed 39% from a year earlier, when property prices reached rock bottom. The Reserve Bank governor Allan Bollard has predicted the New Zealand economy will grow just 0.1% in the third quarter, and the jobless rate is currently at a nine-year high of 6%. Unemployment is expected to top 6.9% in 2010.
Currency transfer rates for the New Zealand dollar fell following the announcement, currently trading at GBP0.4218 and USD0.7008.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.