New Zealand Dollar Halts Its Rally on Lower Retail Sales

The New Zealand dollar halted today its six-day rally against the U.S. currency as the macroeconomic data suggested that the nation’s economy might grow with slower than anticipated pace.

The total retail sales rose 0.4 percent ($24 million) in May, while previous estimates indicated the 0.6 percent growth. The core retail sales decreased 0.2 percent ($10 million) instead of increasing 0.6 percent, as forecast suggested. This data, together with the declining home sales, triggered the slight sell off.

NZD/USD traded near 0.7175 as of 10:11 GMT today after it opened at 0.7194.

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