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NZD/USD trading - NZ Retail Card spending - 13 Feb 2017

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NZD/USD trading chart 13 Feb 2017
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New Zealand retail card sales rises 2.7% in January

Retail card spending in New Zealand increased 2.6% in January following a slowdown in the latter parts of 2016. Nominal spending levels were up a whopping 2.7%, well above market estimates for a 0.7% gain.

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January saw gains in spending across all categories

This included solid gains in spending on durables and consumables – the two categories where we had seen some softness emerging in late-2016. This saw core spending (which excludes the volatile fuel and vehicles category) surge by 2.5% over the month. On an annual basis spending is up more than 5%, including a strong gain in hospitality spending - a result that likely reflects the strong tourism season.

NZD/USD reversed sharply last week, mainly due to the RBNZ which disappointed those looking for a more hawkish signal, but also due to the US dollar rebounding. It has so far retraced 38% of the Dec-Feb rally, and has scope to run further to a 50% retracement (equating to the 0.7120 level).

The New Zealand dollar is currently still reeling from the effects of the dovish RBNZ last week, but there is scope for a near term recovery in prices before the bearish trend is likely to resume.

How we trade binary?

NZDUSD is currently seen trading flat within 0.7209 and 0.7170. A breakout from this sideways range will potentially give way for significant gains or declines in the near term. The bias is to the upside as we expect NZDUSD to retrace some of the declines from last week. Therefore, in the short term, looking to purchase daily CALL options above 0.7209 for a 21:0 GMT expiry as we expect NZDUSD to rally towards 0.7251.

Asset: NZD/USD
Direction: Call
Target price: 0.7209
Expiry: 21:00 GMT

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