Forex: NZD/USD lower ahead of US consumer spending data

on Jul 15, 2013
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_iNVEZZ.com Monday July 15th:_ The New Zealand dollar firmed against its US counterpart and the pair rose to 0.7824 during today’s Asian session, the highest point so far for the day. In European trading, the NZD/USD has retraced 0.61 percent to a current intraday low at 0.7763. Traders await US consumer spending data, due out later.

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Earlier today Chinese gross domestic product for Q2 of this year came out as a 7.5 percent rise y/y, down on the 7.7 percent logged in the three months to March but in line with expectations.
The PRC’s Finance Minister Lou Jiwei signaled last week that the world’s second-biggest economy may expand less than the government has targeted this year and that growth as low as 6.5 percent this year would be tolerable.

Separately, Chinese retail sales rose to 13.3 percent in June y/y, up from 12.9 percent in May, while industrial production declined to 8.9 percent in June from 9.2 percent the previous month.
The US retail sales data for June m/m is due out at 13:30 BST today. Analysts have expectations that retail sales, which are widely followed as an indicator of consumer spending and therefore confidence, will rise 0.8 percent in June from 0.6 percent in May.

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