Forexpros – The New Zealand dollar edged higher against its U.S. counterpart on Thursday, after better-than-expected retail sales data boosted expectations for a rate hike by the country’s central bank.
NZD/USD hit 0.8313 during late Asian trade, the daily high; the pair subsequently consolidated at 0.8309, gaining 0.32%.
The pair was likely to find short-term support at 0.8211, Tuesday’s low and short-term resistance at 0.8366, the high of the same day.
Statistics New Zealand said that retail sales adjusted for inflation rose 0.9% in the second quarter compared with a revised 1.1% gain in the three months to March. Analysts had expected retail sales to rise by 0.6%.
The report said the increase was due in large part to a 10% jump in electronic goods volumes, while motor vehicles and part sales increased 4.2% from the first quarter.
Core retail sales, which exclude automobile sales, rose 0.1%, surpassing expectations for a 0.7% gain.
But the kiwi’s gains were limited amid concerns that Federal Reserve Chairman Ben Bernanke would not point to another round of bond-buying when he speaks Friday at the central bank’s conference in Jackson Hole, Wyoming.
The kiwi was also higher against its Australian cousin, with AUD/NZD shedding 0.27% to hit 1.2606.
Later in the day, the U.S. was to publish government data on initial jobless claims.
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