Investing.com – The New Zealand dollar was down against its U.S. counterpart on Wednesday, as ongoing concerns over Greek sovereign debt overshadowed data showing that domestic retail sales rose for the first time in three quarters.
NZD/USD hit 0.8144 during late Asian trade, the daily low; the pair subsequently consolidated at 0.8146, shedding 0.43%.
The pair was likely to find support at 0.8071, the low of June 3 and resistance at 0.8217, the high of June 13.
Earlier in the day, Statistics New Zealand said retail sales rose 0.9% in the first quarter, compared with expectations for a 1.0% increase, after declining by 0.4% in the previous quarter.
Core retail sales, which exclude vehicle dealers and fuel outlets, rose in line with expectations, gaining 0.7% after remaining flat in the three months to December.
The report said sales were led higher by a 6.3% increase in vehicle and parts sales, while fuel sales fell 3.9% and grocery store purchases declined 0.4%.
The kiwi was also lower against its Australian cousin, with AUD/NZD rising 0.42% to hit 1.3116.
Reserve Bank of Australia Governor Glenn Stevens said earlier that policy makers will need to raise interest rates at some stage, as the underlying rate of inflation “is more likely to rise than fall” in the next few years.
NZD/USD hit 0.8144 during late Asian trade, the daily low; the pair subsequently consolidated at 0.8146, shedding 0.43%.
The pair was likely to find support at 0.8071, the low of June 3 and resistance at 0.8217, the high of June 13.
Earlier in the day, Statistics New Zealand said retail sales rose 0.9% in the first quarter, compared with expectations for a 1.0% increase, after declining by 0.4% in the previous quarter.
Core retail sales, which exclude vehicle dealers and fuel outlets, rose in line with expectations, gaining 0.7% after remaining flat in the three months to December.
The report said sales were led higher by a 6.3% increase in vehicle and parts sales, while fuel sales fell 3.9% and grocery store purchases declined 0.4%.
The kiwi was also lower against its Australian cousin, with AUD/NZD rising 0.42% to hit 1.3116.
Reserve Bank of Australia Governor Glenn Stevens said earlier that policy makers will need to raise interest rates at some stage, as the underlying rate of inflation “is more likely to rise than fall” in the next few years.