NZ dollar falls as shrinking hospitality spend weighs on retail sales

Sun, 25 Nov 2018

By Paul McBeth Nov. 26 (BusinessDesk) - The New Zealand dollar fell after third-quarter retail sales missed expectations, with reduced consumer demand at restaurants and bars and smaller but more expensive grocery spending. The kiwi dropped to 67.54 US cents as at 11.15am from 67.86 cents immediately before Statistics New Zealand released data showing flat retail sales on a seasonally adjusted basis in the three months ended Sept. 30. Economists had expected a 1 percent increase in the volume of trade after a 1.1 percent increase in the J...

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