Weaker-than-expected retail sales data from New Zealand weighs on the NZD, pushing the currency pair to a near three-week low.
The NZD/USD pair dropped to approximately 0.5970 in early Asian trading on Monday, extending losses after New Zealand’s retail sales data disappointed markets. The decline marks the first time the pair has traded below the 0.6000 level since late August.
Retail sales figures for the second quarter fell short of expectations, signaling weaker consumer spending amid rising economic pressures. The data follows a series of mixed economic indicators from New Zealand, including softer inflation and slowing GDP growth.
The US Dollar remained resilient, supported by expectations of prolonged higher interest rates from the Federal Reserve. The NZD’s decline reflects broader risk aversion and concerns over domestic economic momentum.