NZD/USD Drops Below 0.6250 on Weaker Chinese Retail Sales
The NZD/USD pair has experienced a decline, falling below the 0.6250 level, following the release of weaker-than-anticipated annual Retail Sales data by the National Bureau of Statistics of China. The reported data showed that the economic growth in retail sales expanded at a slower pace of 18.4%, compared to the forecasted 21.0%, but still higher than the previous release of 10.6%.
In addition, the annual Industrial Production data for April landed at 5.6%, which is within the range of estimates between 10.9% and the previous release of 3.9%. This slower growth rate in retail demand and industrial production suggests that the Chinese economy is making progress, albeit at a slower pace, following the rollback of full lockdown restrictions. It is important to note that China is one of New Zealand's key trading partners, which can have implications for the New Zealand Dollar.
From a technical perspective, the NZD/USD pair is approaching the Fibonacci retracement zone between 38.2% and 61.8%. This area often serves as a potential pullback zone, indicating the possibility of a downward correction in price. Traders will be closely monitoring the price action and key support levels to assess further market movements.
In addition, the annual Industrial Production data for April landed at 5.6%, which is within the range of estimates between 10.9% and the previous release of 3.9%. This slower growth rate in retail demand and industrial production suggests that the Chinese economy is making progress, albeit at a slower pace, following the rollback of full lockdown restrictions. It is important to note that China is one of New Zealand's key trading partners, which can have implications for the New Zealand Dollar.
From a technical perspective, the NZD/USD pair is approaching the Fibonacci retracement zone between 38.2% and 61.8%. This area often serves as a potential pullback zone, indicating the possibility of a downward correction in price. Traders will be closely monitoring the price action and key support levels to assess further market movements.
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